The Royal Government of Bhutan transferred 973 bitcoin (BTC), worth approximately $72.32 million, to multiple addresses across Tuesday and Wednesday, according to on-chain data.

Blockchain analytics platform Arkham Intelligence reported on Wednesday that Bhutan moved another $44.44 million worth of bitcoin to two unknown addresses, bringing the 24-hour total to $72.3 million. The transfers originated from addresses linked to Druk Holding & Investments, Bhutan’s sovereign wealth fund that manages the country's bitcoin holdings.

Among the transactions, 20.5 BTC, worth roughly $1.52 million, was transferred to over-the-counter trading platform QCP Capital.

Combined with earlier transfers reported by Arkham, Bhutan has moved more than $110 million in bitcoin so far this year.

According to Arkham data, Bhutan's Druk Holding currently holds 4,453 BTC, valued at roughly $330 million. At its peak in October 2024, the country held over 13,000 BTC. Bhutan has primarily built its bitcoin reserves through mining, utilizing its abundant hydroelectric power to support operations.

Meanwhile, Arkham noted that Bhutan's last bitcoin inflow exceeding $100,000 occurred over a year ago, suggesting that Bhutan may have stopped mining bitcoin. The Block has reached out to Druk Holding to confirm the reported transactions.

Bitcoin was trading at $74,268 at the time of writing, up 0.15% over the past 24 hours, according to The Block's price page.