Bhutan moves $37M in BTC to exchange and trading‑firm wallets, trimming tracked sovereign holdings to ~4,453 BTC

The Royal Government of Bhutan, through its sovereign wealth arm Druk Holding and Investments, transferred approximately 519.7 BTC (roughly $36.7–$37 million) on March 25, 2026 to wallets identified as exchange deposit addresses and wallets linked with trading firms, including one address reported as tied to QCP Capital ^{[1] [2] [3]}.

Blockchain data and reporting indicate at least one recipient was a Binance deposit address and other recipients corresponded to trading‑firm linked wallets, with outlets characterizing the movements as part of custody and trading flows rather than transfers to unknown individual wallets ^{[2] [1] [3]}.

The transfers reduced Bhutan's publicly tracked bitcoin reserves to about 4,453 BTC, down from a peak reported above 13,000 BTC, reflecting a months‑long pattern of outflows from the government's bitcoin position ^{[2] [1]}.

The $37 million movement marks an acceleration in reported sales from Bhutan's holdings while the government retains a multi‑thousand BTC stake; the reports are based on blockchain analysis and media tracking, and do not cite direct official statements from Bhutanese authorities ^{[4] [2]}.