According to blockchain analytics firm Arkham Intelligence, Bhutan has moved around $11 million worth of bitcoins from wallets linked to its sovereign holdings.
Conclusion
- According to Arkham Intelligence, Bhutan has moved around $11 million in Bitcoin on the chain.
- The transfer follows the sale of $7 million worth of BTC via QCP Capital about a month ago.
- Bhutan usually sells BTC clips between $5 million and $10 million, maintaining a structured fund management strategy.
Arkham noted the move in a recent post on X, stating that Bhutan had moved funds from its main addresses, continuing a pattern of remittances associated with the country’s crypto-treasury activities.
The analytics platform noted that the last such transfer occurred about a month ago, when Bhutan sold about $7 million worth of Bitcoin (BTC) through QCP Capital, a digital asset trading firm often used by institutional market participants.
Arkham also observed that Bhutan typically sells off parts of its Bitcoin holdings in smaller clips of $5 million to $10 million, rather than doing a one-off liquidation. The company previously identified a particularly heavy period of sales activity between the middle and end of September 2025.
The latest move continues a broader pattern of chain activity from Bhutan-related wallets that has attracted attention in the crypto markets.
Despite these periodic sales, Bhutan remains one of the largest sovereign holders of Bitcoin. Wallets tracked by Arkham show the country still has about 5,600 BTC worth hundreds of millions of dollars.
Bhutan’s bitcoin reserves come largely from state-owned hydroelectric mining operations, which have allowed the Himalayan kingdom to amass a large digital hoard in recent years.
