Bhutan Transfers Nearly $12M in BTC as Total Transfers Near $42M This Year

TheNewsCryptoPublished on 2026-03-10Last updated on 2026-03-10

Abstract

The Royal Government of Bhutan transferred 175 BTC, worth approximately $11.85 million, on March 9 as part of its ongoing management of state-backed crypto reserves. This follows a previous transfer of around 100 BTC to QCP Capital about a month earlier. So far this year, Bhutan has moved a total of 395.498 BTC, valued at roughly $41.56 million. According to Arkham Intelligence, the government periodically sells portions of its Bitcoin in clips of $5–10 million. Despite these sales, Bhutan remains a significant national holder of Bitcoin, with 5,425 BTC worth about $379.53 million, plus a small amount of Ethereum. The total tracked crypto portfolio stands at approximately $379.59 million.

The Bhutan Government has been gradually reducing its Bitcoin holdings since the start of the year, which has transferred BTC worth beyond $11 million on Monday, as part of the ongoing management of its state-backed crypto reserves amid recovering Bitcoin prices.

On March 9, the on-chain intelligence platform Arkham Intel shared a post on X that the Royal Government of Bhutan moved 175 Bitcoin, which is worth about $11.85 million, from its wallets managed by Druk Holding & Investments (DHI), the government’s commercial investment arm.

Bhutan Continues Gradual Bitcoin Transfers

Bhutan previously moved about $6.7 million worth of Bitcoin to QCP Capital; in that transaction, Bhutan moved around 100 BTC. Now, the latest BTC transfer comes roughly one month after.

Along with these transfers, the Bhutan government has transferred around 395.498 BTC in total, which is worth about $41.56 million in total, so far this year started. With that, the Arkham post said that Bhutan periodically sells portions of its Bitcoin in clips of $5-10M, with a particularly heavy period of selling around mid-late September 2025.

When compared to last July, the Bhutan government had shifted nearly $60 million in bitcoin over the course of four days; the recent transactions are significantly lower. Since then, Bitcoin’s price has fallen further and continues to trade under pressure in the broader crypto market.

Following Bhutan’s sale yesterday, the Bitcoin price showed a recovery. As it was trading at $70,243.79, posting a 3.42% daily gain as trading activity increases across the market, at the time of writing. The broader crypto market also mirrored this positive momentum. The overall market saw an increase of around 3.43%, pushing the total crypto market cap to $2.39 trillion.

Bhutan’s Holdings

The Bhutan government is also one of the notable national holders of Bitcoin, as it still has 5,425 BTC, which is currently worth about $379.53 million, according to portfolio data monitored by Arkham Intelligence. Additionally, 28.078 Ethereum, or roughly $57,032, are held by the nation. With this, Bhutan’s total tracked crypto portfolio stands at roughly $379.59 million.

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