Bhutan transferred more Bitcoin from a state-linked wallet on Wednesday, continuing a series of March outflows tied to its sovereign holdings. 

Meanwhile, the latest move came as the country kept building its broader Bitcoin strategy through mining, infrastructure, and reserve planning. Arkham data showed that a Bhutan government-linked wallet moved about 519.7 BTC on Wednesday. The amount was worth about $36.7 million at the time of transfer. The funds went to two separate wallets.

Onchain Lens said one of the recipient wallets was linked to trading firm QCP Capital. The transfer added to market attention around Bhutan’s Bitcoin activity, as traders and analysts tracked movements from the country’s known sovereign wallet.

March outflows build after earlier transfers

The latest transaction marked the third large Bitcoin move from the Bhutan-tagged wallet in March. It followed a $72 million transfer spread across six transactions in the 24 hours before March 18. The wallet also moved $11.8 million on March 9.

This recent pattern stood out against February activity. During that month, Bhutan moved just over 284 BTC. Arkham data showed the wallet still held 4,453 BTC worth around $315 million after the latest transfer. That total was down from more than 13,000 BTC recorded in October 2024.

As of March 12, Bhutan ranked as the fifth-largest country by Bitcoin holdings, based on an Arkham report. It trailed the United States government, the United Kingdom government, El Salvador, and the United Arab Emirates Royal Group.

The ranking kept Bhutan in focus because of its early and direct involvement in Bitcoin mining. Unlike many governments that acquired Bitcoin through seizures or law enforcement actions, Bhutan built part of its position through mining activity tied to state-backed operations.

Bitcoin strategy supports mining and development plans

Bhutan began adopting Bitcoin mining in 2019. Since then, it has developed mining operations powered by hydroelectric energy from its glacial river systems. The country has used its natural energy resources to support low-cost power generation for mining.

In May 2023, Bhutan’s sovereign wealth fund, Druk Holding and Investments, announced a $500 million partnership with Bitdeer to expand Bitcoin mining capacity. The strategy later expanded beyond mining. In December 2025, Bhutan said it would use part of its Bitcoin holdings to support construction in the Gelephu Mindfulness City.

That plan formed part of the country’s wider Bitcoin Development Pledge. On Jan. 8, 2026, Gelephu Mindfulness City also announced plans for a strategic crypto reserve that would include Bitcoin, Ether, and BNB. The latest wallet transfer came as Bhutan continued balancing asset movements with longer-term digital asset plans.