Bhutan government moves another $25 million in bitcoin as weekly transfers top 1,000 BTC: Arkham
The Block
Bhutan's government transferred another $25 million in bitcoin, bringing weekly transfers over 1,000 BTC, potentially indicating sales.Summary
The Royal Government of Bhutan recently transferred approximately 374.9 BTC ($25.2 million) to an unlabeled address, continuing a trend of increasing bitcoin outflows. According to Arkham, Bhutan has transferred over 1,000 BTC in the past week. While the reason for the transfers is unknown, analysts suggest the funds may be going to investment managers like Galaxy Digital and QCP Capital. Bhutan currently holds around 3,954 BTC, valued at approximately $263.9 million, a decrease from its peak of 13,000 BTC in October 2024. Bhutan is the seventh-largest known nation-state holder of bitcoin, having initially built its reserves through hydroelectric-powered mining, though recent data suggests mining activity has slowed.
(Source：The Block)