Bhutan has transferred 175 Bitcoin worth about $11.8 million from its national cryptocurrency holdings, according to blockchain analytics platform Arkham. The funds were sent from a government-linked address to another wallet created roughly a month ago. As of the latest blockchain data, the transferred assets in the receiving address.
The transaction follows earlier movements from the same wallet structure. Arkham noted that a similar transfer in February preceded a $7 million Bitcoin sale executed through QCP Capital. The analytics firm said Bhutan has periodically sold Bitcoin in tranches ranging between $5 million and $10 million during the past year.
Bhutan began accumulating Bitcoin through state-backed mining operations in 2019, primarily powered by surplus hydroelectric energy. The mining initiative is overseen by the sovereign wealth fund Druk Holding and Investments. Government officials have previously stated that proceeds from Bitcoin activity have supported public spending, including healthcare programs and environmental initiatives.
