The government of Bhutan transferred 402 bitcoins worth $39.56 million to QCP Capital, reports SpotOnChain. Since October, the country has been actively selling its bitcoin reserves. Since then, 1,696 BTC worth $139 million has been moved through Binance and QCP Capital. Bhutan owns 11,700 BTC, making it the fourth largest sovereign holder of bitcoin in the world. The reserves are formed through mining, which began in 2019.