Bhutan has sold $37 million worth of Bitcoin in its third major transaction this March, according to on-chain data from Arkham. The state-linked wallet transferred approximately 519.7 BTC, valued at $36.7 million, to two wallets on Wednesday. One of the destination wallets is associated with trading firm QCP Capital. This follows two earlier transactions in March, including a $11.8 million transfer on March 9, bringing the total Bitcoin sales from Bhutan's sovereign holdings to over $120 million this month. The recent sales mark a significant reduction in Bhutan's Bitcoin reserves, which now stand at 4,453 BTC, worth approximately $315 million. This is a sharp decline from the more than 13,000 BTC held in October 2024. Bhutan's Bitcoin holdings were primarily accumulated through mining operations powered by surplus hydroelectric energy. The proceeds from these sales are linked to funding the Gelephu Mindfulness City development, part of Bhutan's National Bitcoin Development Pledge.