The Royal Government of Bhutan has moved another portion of its bitcoin reserves, reportedly moving nearly $37 million worth of bitcoin (BTC), according to onchain data.

According to Arkham Intelligence data, Bhutan moved 519.7 BTC, worth roughly $36.75 million, to two wallets, including one linked to trading firm QCP Capital.

Following the transaction, the Bhutanese government currently holds 4,453 BTC, valued at about $315.89 million. The bitcoin assets are held and managed by Druk Holding and Investments Ltd., the country's sovereign wealth fund.

While the exact reason for the latest transfer remains unclear, such movements to trading firms or exchange-linked wallets are often associated with potential asset sales. The Block has reached out to Druk Holding for comment on the reported transaction.

Druk Holding has recently made multiple bitcoin transfers, with a $72 million transaction last week and a nearly $12 million transfer earlier this month.

Bhutan historically accumulated bitcoin through mining operations powered by its abundant hydropower resources, holding more than 13,000 BTC at its peak in October 2024. However, speculation has grown over whether the government has stopped mining, as its last bitcoin inflow exceeding $100,000 occurred more than a year ago, according to Arkham's post last week.

Meanwhile, bitcoin traded up 1.3% in the past 24 hours at $71,094 at the time of writing, according to The Block's BTC price page. The world's largest cryptocurrency remains down over 40% from its record high near $124,900 in October 2025.

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