The Himalayan kingdom of Bhutan has moved about $11 million worth of Bitcoin, according to blockchain analytics firm Arkham Intelligence.
This transfer comes about a month after Bhutan sold roughly $7 million in BTC through QCP Capital, continuing a pattern of structured, periodic treasury management. Arkham noted that Bhutan typically sells Bitcoin in smaller batches of $5–10 million, rather than liquidating large amounts at once.
The recent movement involved funds being shifted out of Bhutan’s main holding addresses, part of its ongoing crypto treasury activity. Despite these periodic sales, Bhutan remains one of the largest sovereign Bitcoin holders, with wallets tracked by Arkham still holding around 5,600 BTC, worth hundreds of millions of dollars.
Bhutan’s Bitcoin reserves mainly come from state-backed mining operations powered by hydroelectric energy, allowing the country to steadily build a sizable digital asset treasury in recent years.
