Bhutan Government Withdraws $37 Million in Bitcoin Reserves

Bhutan's government has executed a transfer of 519.7 BTC, equivalent to $37 million, to two addresses, including one linked to QCP Capital, a trading firm.

This transaction reduces the kingdom's Bitcoin holdings to 4,453 BTC, positioning Bhutan as the seventh largest holder of Bitcoin worldwide. The management of these assets falls under Druk Holding and Investments, the country's sovereign fund.

While the specific reasons for this transfer remain unclear, moving Bitcoin to trading firm addresses often indicates intentions to sell. Bhutan has previously conducted substantial transactions, moving Bitcoin worth $72 million on March 17 and 18, along with an earlier transfer of approximately $12 million earlier in the month.

The nation has built its cryptocurrency reserves primarily through mining, leveraging its abundant hydropower resources. At its peak in October 2024, Bhutan's Bitcoin reserves reached as high as 13,000 BTC.

As of now, Bitcoin is trading at $71,204, reflecting a 0.4% increase in the past 24 hours, although it remains 43.5% below its all-time high. In a notable past initiative, Bhutan allocated 10,000 BTC in December 2025 for the development of a "city of awareness."