Bhutan has transferred 519.7 bitcoin worth roughly $36.75 million to two wallets, signalling continued movement of state-held crypto reserves.
The transaction, identified through Arkham Intelligence data, included a wallet linked to trading firm QCP Capital, often associated with potential asset sales.
Following the transfer, Bhutan retains 4,453 BTC valued at approximately $315.89 million, with holdings managed by sovereign wealth fund Druk Holding and Investments.
While the government has not confirmed the purpose, transfers to trading or exchange-linked wallets are typically interpreted as preparation for selling activity.
Druk Holding has stepped up movements in recent weeks, including a $72 million transfer last week and another nearly $12 million earlier this month.
Bhutan previously accumulated more than 13,000 BTC through hydropower-powered mining, though onchain data shows no significant inflows for over a year, fuelling speculation that mining has slowed or stopped.
Bitcoin rose about 1.3% to $71,094 over the past 24 hours but remains more than 40% below its October 2025 peak near $124,900.
At the time of reporting, Bitcoin price was $71,205.48.