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In 2026, Bhutan has moved over $42 million in Bitcoin, with a recent transfer of 175 BTC worth about $12 million. The government's Bitcoin holdings, primarily acquired through state-backed mining, currently total approximately 5,425 BTC, valued at $374 million.

The transfers are executed in small amounts, typically between $5 million and $10 million, indicating a strategic liquidity management approach rather than distress selling. The transactions are routed through QCP Capital, reflecting an established partnership for treasury management. Bhutan's mining operations leverage its abundant hydropower resources, contributing to its status as one of the largest sovereign Bitcoin holders globally.