Overview
- Arkham Intelligence tracked a 175 BTC transfer worth about $11.85 million on Mar. 9 to the same bc1q address used in February.
- Year-to-date outflows total roughly $42.5 million, including February moves of 184 BTC, two transfers to QCP Capital totaling about 200 BTC, and a $1.5 million USDT send to a Binance hot wallet.
- Bhutan’s holdings stand near 5,400 BTC, down about 58% from a late-2024 peak of roughly 13,000 BTC, with the stash valued around $374 million at current prices.
- The repeated use of the same counterparties and clip sizes suggests structured treasury management rather than distressed liquidation, and DHI has not commented on the latest move.
- The reserve was largely mined using surplus hydropower under DHI, giving an effectively near-zero cost basis, with prior statements linking proceeds to public projects and a pledge of up to 10,000 BTC for Gelephu Mindfulness City.