The Bhutanese authorities have transferred 519.7 BTC worth $37 million to two addresses, one of which is linked to trading firm QCP Capital.
Source: Arkham.After this transaction, the kingdom holds 4,453 BTC. The country ranks seventh globally in Bitcoin reserves. The funds are managed by the state sovereign fund Druk Holding and Investments.
The purpose of the transfer has not been disclosed. Typically, moving coins to addresses associated with trading firms or exchanges suggests preparations for a sale. Previously, the fund executed significant transactions: on March 17 and 18, it moved Bitcoin worth $72 million, and earlier in the month, about $12 million.
Bhutan has accumulated cryptocurrency through mining, utilizing its hydropower resources. At its peak in October 2024, the country's reserves reached 13,000 BTC.
As of this writing, Bitcoin is trading at $71,204, having gained 0.4% in the last 24 hours. The asset's price is 43.5% below its all-time high.
Hourly chart of BTC/USDT on Binance. Source: TradingView.Recall that in December 2025, Bhutan allocated 10,000 BTC for the construction of a "city of awareness."