Bhutan has shifted another large batch of Bitcoin from its state-linked wallet, continuing a steady drawdown in March.
Blockchain data shows the government-associated wallet transferred around 519.7 BTC, valued at approximately $36.7 million, on Wednesday.
The funds were sent to two separate wallets, with one reportedly linked to trading firm QCP Capital.
This latest movement marks the third significant Bitcoin transfer made by Bhutan during March.
Earlier activity included roughly $72 million moved across six transactions in the 24 hours leading up to 18 March.
Another $11.8 million worth of Bitcoin was transferred on 9 March, reinforcing the ongoing outflow trend.
The March activity reflects a sharp increase compared with February, when Bhutan moved just over 284 BTC.
Despite the recent transfers, the sovereign wallet still holds about 4,453 BTC, estimated at $315 million.
This represents a steep decline from more than 13,000 BTC held in October 2024, based on Arkham data.
As of 12 March, Bhutan ranked as the fifth-largest national holder of Bitcoin globally.
The country trailed behind the United States, the United Kingdom, El Salvador, and the United Arab Emirates Royal Group in total holdings.
Bhutan has built its crypto strategy around early adoption of Bitcoin mining, which began in 2019.
The country uses its abundant hydroelectric resources to power mining operations at low cost.
Several hydroelectric plants have been developed along glacial rivers to support this initiative.
In May 2023, Bhutan’s sovereign wealth fund Druk Holding and Investments partnered with Bitdeer in a $500 million deal.
The agreement aimed to expand the country’s Bitcoin mining infrastructure and capacity.
Bhutan has also started using portions of its Bitcoin reserves to fund national development projects.
In December 2025, officials confirmed plans to tap BTC holdings to support the Gelephu Mindfulness City project.
The initiative forms part of a broader national strategy known as the Bitcoin Development Pledge.
The programme focuses on long-term economic growth driven by digital asset reserves and mining revenue.
On 8 January 2026, plans were revealed to establish a strategic crypto reserve under the Gelephu project.
The reserve will include major digital assets such as Bitcoin, Ether, and BNB to diversify holdings.
At the time of reporting, Bitcoin price was $71,615.27.