According to blockchain analytics platform SpotOnChain, on December 9, the Royal Government of Bhutan transferred 402 Bitcoin (BTC) worth $39.56 million to QCP Capital.

This is the latest in a series of transactions from Bhutan’s government, which has been actively selling its Bitcoin reserves since October.

Previous Transfers and Current Reserves

SpotOnChain data shows that the wallet has moved 1,696 BTC, valued at $139 million, since Bitcoin’s price surge in late October. These sales, carried out through Binance and QCP Capital, were made at an average price of $81,999 per BTC.

While the government has not disclosed the reasons behind these transactions, deposits to cryptocurrency exchanges are often associated with intentions to sell.

This marks the third major Bitcoin transfer by Bhutan’s government this year. In October, it sent 929 BTC, valued at $66.16 million, to Binance across two transactions. These occurred shortly after the cryptocurrency surpassed $70,000 for the first time since June.

Earlier in July, Arkham data revealed that the government-linked wallet deposited 381 BTC worth $24.1 million at the time to Kraken.

Bhutan holds approximately 11,700 BTC valued at $1.15 billion across seven known wallets, making it the fourth-largest government Bitcoin holder globally. The coins are managed by Druk Holding & Investments (DHI), the country’s state investment arm.

Bitcoin’s Role in Bhutan’s Economy

Unlike many countries that acquire Bitcoin through criminal asset seizures, Bhutan has built its reserves through mining operations powered by its abundant hydroelectric resources.

Officials recently confirmed that mining in the country began in April 2019, w