Bitcoin Seller's Delight: Bhutan Transfers $40M In BTC To QCP Capital
Bitcoin Seller's Delight: Bhutan Transfers $40M In BTC To QCP CapitalThe Royal Government of Bhutan has transferred 406.074 BTC, valued at approximately $40 million, to QCP Capital, according to data from Onchain Lens. While the exact purpose of the transfer remains speculative, it is suspected to be linked to a potential sale. Bhutan’s government wallet continues to hold 11,791 BTC, worth about $1.16 billion, making it the fourth-largest government holder of Bitcoin globally. Details of Bhutan's Bitcoin Holdings Data from Arkham Intelligence reveals the Royal Government of Bhutan's robust cryptocurrency portfolio. Its holdings primarily include: Bitcoin BTC/USD: 11,791 BTC, valued at $1.16 billion. Ethereum ETH/USD: 656.039 ETH, worth $2.53 million. Various smaller holdings in LNQ/USD, APU/USD, KIBSHI/USD, BOBO/USD, and SAND/USD, totaling under $3,000. The government's Bitcoin reserves dwarf those of El Salvador, whose holdings are valued at $335 million, despite Bhutan having only 12% of El Salvador's population. Also Read: Ethereum Breaks $4,000: Could It Make A New All-Time High In 2024? The substantial reserves originate from Bhutan’s hydro-powered Bitcoin mining operations, a strategy the nation adopted in 2019. Bhutan began its cryptocurrency mining venture in April 2019, leveraging its abundant hydroelectric resources. Hydropower accounts for 30% of Bhutan's GDP, with the nation harnessing approximately 23,760 MW of technically feasible hydropower capacity. This clean energy approach aligns with Bhutan's commitment to sustainability while allowing for large-scale mining operations. This strategy emerged as part of Bhutan's effort to diversify its economy amid declining tourism revenue—a sector contributing $88.6 million annually pre-pandemic. The economic fallout from COVID-19 further reinforced the importance of alternative revenue streams like cryptocurrency mining. Read Next: Bitcoin Reserve Would ‘Benefit Special Interest Groups,’ Former Fed Chairman Warns Image: Shutterstock Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.