The Royal Government of Bhutan has transferred 406.074 Bitcoin, worth around $40 million, to prominent cryptocurrency investment firm QCP Capital in a move that is believed to be leading to the sale of these funds.
The transaction was first spotted by Onchain Lens, and according to Arkham Intelligence’s data, Bhutan’s sovereign holding company Druk Holdings is still holding onto 11,688 BTC worth around $1.15 million. Its holdings also include 656 ETH worth $2.53 million.
Just In: Royal Government of Bhutan has sent 406.074 $BTC worth $40M to #QCP Capital.https://t.co/q4dW3qJBT5 pic.twitter.com/3TK1fvBoOk
— Onchain Lens (@OnchainLens) December 9, 2024
Druk Holdings was formed back in 2007 in a bid to manage the crown’s investments “for the long-term benefit of the people of Bhutan.” According to its website, the company had the equivalent of $1.13 billion in its portfolio as of last year, with its portfolio companies including Bhutan Telecom, Drukair Corporation, and holdings in the Bank of Bhutan and the Royal Insurance Corporation of Bhutan.
The organization has been mining between 55 and 75 BTC per week, with mining operations utilizing various major mining pools including AntPool and Foundry. These operations are powered by cheap, clean hydropower.
Arkham Intelligence’s data shows that Druk Holdings’ wallet has been active since early 2021 and the wallet has been accumulating since, with some minor outflows over time. Data also shows the company used cryptocurrency lending services to generate yield through its holdings.
The government’s presumed sale comes at a time in which the price of the flagship cryptocurrency Bitcoin is hovering around the $100,000 mark after seeing a massive price rise after Republican presidential candidate Donald Trump won the U.S. presidential election.
Featured image via Unsplash.
