Bhutan offloads Bitcoin! Transfers out 175 BTC from reserves again. Arkham analysis: last time it was sold to QCP Capital

Bhutan Sovereign Wealth Fund Druk Holding transferred 175 Bitcoins (approximately $11.85 million) from its main address on Monday, according to Arkham. The last transfer of a similar scale was for selling through QCP Capital.
(Background: Bhutan’s Bitcoin value accounts for nearly 40% of GDP, and five years of mining has made it the third-largest global BTC reserve country.)
(Additional context: Bhutan donated 10,000 Bitcoins to build the “Mindfulness City GMC,” aiming to create an Asian green financial center.)

Bhutan—one of the world’s largest national Bitcoin holders—transferred 175 BTC from its main address on Monday. According to on-chain analysis platform Arkham, this approximately $11.85 million worth of BTC was sent to a new address created a month ago, which had previously received 184 Bitcoins.

As of Tuesday, the 175 BTC remained in that address. The previously received 184 BTC was further transferred to a third address, which has received a total of 1,910 BTC since 2024 and currently holds 126 BTC.

Last similar operation was sold to QCP Capital

Arkham noted that Bhutan’s last transfer of a similar scale was in February, when it sold $7 million worth of BTC through QCP Capital. Since this year, Bhutan has conducted multiple sales.

Bhutan regularly sells part of its Bitcoin holdings, usually between $5 million and $10 million each time. A particularly intensive selling period occurred in mid to late September last year.

Arkham estimates that as of Monday, Bhutan holds about 5,400 BTC, ranking seventh among national governments by holdings. The United States remains the top government Bitcoin holder with 328,372 BTC (worth about $22 billion as of Tuesday).

Source: Arkham

Hydropower mining, profits used for public services

Since launching its national mining operation in 2019, Bhutan has mined approximately 13,000 BTC, mainly relying on abundant hydropower resources. However, after the 2024 halving, mining costs increased and efficiency declined.

Bhutan’s Prime Minister Tshering Tobgay previously told Al Jazeera that during the summer flood season, excess hydropower is generated, and using this surplus energy for Bitcoin mining is a practical approach. He also noted that Bitcoin profits have been used to fund healthcare, environmental initiatives, and civil servant salaries.

In addition to Bitcoin, Bhutan’s Sovereign Wealth Fund Druk Holding and Investments also holds small amounts of other cryptocurrencies, including 28 ETH and 28 KiboShib (an AI-generated meme coin).