Bhutan moves $22M in Bitcoin after the country transferred large amounts of BTC from its sovereign holdings. Blockchain data shows multiple transactions totaling more than $22 million in Bitcoin. The transfers originated from wallets linked to Bhutan’s state investment entity and were sent to institutional counterparties.
Bhutan Moves $22M in Bitcoin Through Multiple Transactions
On-chain records show Bhutan moved approximately 284.85 BTC across several transfers. One transaction involved 100.82 BTC valued at about $8.31 million. Another transfer included 184.03 BTC valued at roughly $14.09 million. These transactions occurred within a short time window. Blockchain analytics firm Arkham identified the movements.
Bitcoin Sent to Addresses Linked to QCP Capital
The Bitcoin transfers were sent to wallet addresses associated with QCP Capital. QCP Capital is a Singapore-based digital asset trading firm. Arkham data confirmed the destination wallets are linked to the firm. The total value of Bitcoin moved in these transactions reached approximately $22.4 million at the time of transfer.
Bhutan Moves $22M in Bitcoin From Druk Holding & Investments
Bhutan’s Bitcoin holdings are managed by Druk Holding & Investments, the country’s sovereign investment arm. Arkham data confirms the outgoing transfers came from wallets attributed to Druk Holding & Investments. Bhutan has previously moved Bitcoin in both large and small tranches. Past transfers have sometimes exceeded $50 million in value.
Background on Bhutan’s Bitcoin Holdings
Bhutan began accumulating Bitcoin through government-backed mining operations powered by hydroelectric energy. Mining activity reportedly started around 2019. The country has periodically transferred Bitcoin during different market conditions. Previous blockchain data shows similar movements in earlier years.
Market Context of the Bitcoin Transfers
The transfers occurred while Bitcoin was trading below its previous all-time high. Blockchain analysts note that wallet movements do not automatically confirm asset sales. Transfers to institutional counterparties may involve custody changes or liquidity management. No official statement from Bhutan accompanied the transactions.
Bhutan moves $22M in Bitcoin while remaining one of the few nation-states known to hold significant Bitcoin reserves. Its sovereign crypto activity continues to be tracked through public blockchain data.
