The Royal Government of Bhutan has moved 519.7 Bitcoin, worth approximately $36.75 million, to new wallets linked to the crypto trading firm QCP Capital. This transaction is part of the country’s ongoing management of its Bitcoin reserves, which now total 4,453 BTC valued at $315.89 million. Bhutan built its significant holdings through mining but has sold around $100 million worth of Bitcoin since 2023 to fund public services.
The Royal Government of Bhutan has transferred 519.7 Bitcoin, worth about $36.75 million, into two new addresses. Arkham Intelligence reported the new addresses are associated with the crypto trading company QCP Capital.
Transfers into trading-linked accounts are often related to liquidity management or selling activity. After this transaction, Bhutan’s sovereign wealth fund, Druk Holding and Investments Ltd, controls 4,453 BTC worth $315.89 million.
Bhutan moved 973 BTC worth $72.3 million in transactions last week. Details recorded by Arkham Intelligence show $1.5 million went to QCP Capital and $44.4 million moved to unknown wallets.
The country created most of its reserves through mining using cheap hydroelectric power. In 2023, Bhutan mined almost 8,200 BTC for a profit of $265 million after spending $120 million on mining activities.
The mining environment changed after the Bitcoin halving event in 2024, reducing rewards and increasing costs. In response, Bhutan has started selling some holdings to finance government expenditure and pay civil servant salaries.
Bhutan has sold about $100 million in BTC between 2023 and 2024, including $22.4 million during weaker market conditions. The country is now the seventh-largest sovereign Bitcoin holder in the world.
At the network level, Bitcoin’s hash rate stands at 1.045 ZH/s. CoinWarz data shows it has oscillated between 0.8 ZH/s and 1.2 ZH/s over the last month.
