Bhutan Transfers 175 BTC Worth $12M from Reserves

Bhutan, the Himalayan kingdom known for its state-backed Bitcoin mining, transferred 175 Bitcoin valued at approximately 12 million from its sovereign reserves on Monday, continuing a series of methodical sales that have reduced its holdings by more than half since late 2024. The move, tracked by blockchain analytics firm Arkham Intelligence, brings the total value of Bitcoin and USDT shifted from national wallets this year to about 42.5 million.

The transfer originated from one of Bhutan's primary holding addresses and went to a wallet created last month, which had previously received 184 Bitcoin in February. That earlier batch was forwarded to another address that has accumulated 1,910 Bitcoin since 2024. Arkham noted similarities to February's activity, when Bhutan executed a 7 million sale through Singapore-based trading firm QCP Capital, including two transfers totaling around 200 Bitcoin worth 15 million and a 1.5 million USDT deposit to a Binance wallet. These patterns of smaller, periodic transfers, typically in the 5 million to 10 million range, indicate a planned treasury management approach rather than urgent liquidation.

Bhutan's Bitcoin reserves, overseen by...