The Royal Government of Bhutan transferred approximately $72 million worth of bitcoin this week, continuing a series of notable crypto outflows from the country’s sovereign holdings. According to blockchain analytics firm Arkham Intelligence, Bhutan moved 973 BTC across several transactions on March 17 and March 18. The transfers originated from wallets associated with Druk Holding & Investments, the country’s sovereign wealth fund that manages its digital asset reserves.
Part of the transfer included 20.5 BTC, valued at roughly $1.5 million, sent to over-the-counter trading firm QCP Capital. The remaining funds were distributed to several unidentified wallet addresses. With the latest transactions included, Bhutan has transferred more than $110 million in bitcoin so far in 2026.
Arkham data shows Druk Holding still holds about 4,453 BTC, valued at roughly $330 million. At its peak in October 2024, the country’s bitcoin holdings exceeded 13,000 BTC. Bhutan largely accumulated its bitcoin through domestic mining operations powered by hydroelectric energy. However, Arkham noted that the country has not recorded a bitcoin inflow exceeding $100,000 in over a year, suggesting mining activity may have slowed or stopped.
