Bhutan’s state investment arm Druk Holding and Investments (DHI) moved 519.7 BTC, valued at about 6 billion yen, to two wallets, according to Arkham Intelligence data published on the 25th. One of the destination addresses is linked to Singapore-based trading firm QCP Capital. Following the transfer, DHI’s Bitcoin holdings fell to 4,453 BTC. The source does not state the purpose of the transaction or whether it was related to trading, custody, or internal fund management.