Mt. Gox Moves 11,501 Bitcoin in Third Major Transfer This Month

Two significant developments in government-held Bitcoin reserves have recently caught the attention of the crypto community. On March 24, the government of Bhutan moved $63 million worth of Bitcoin across three wallets, continuing its strategic approach to cryptocurrency investment. Just a day later, the long-defunct Mt. Gox exchange transferred 11,501 Bitcoin, its third major transaction this month, sparking renewed speculation around creditor repayments. 

Mt. Gox Transfers 11,501 Bitcoin, Stirring Speculation Around Creditor Payouts

Bankrupt cryptocurrency exchange Mt. Gox has once again stirred the digital asset world after initiating a significant transfer of 11,501 Bitcoin, worth over $1 billion at current market prices. This marks the third large-scale transaction the defunct exchange has conducted in less than a month, further fueling speculation that long-awaited creditor repayments may soon begin.

The latest activity was flagged by blockchain analytics firm Arkham Intelligence, which reported the movement on X on March 25. According to Arkham, Mt. Gox sent 893 BTC (approximately $78 million) to a cold wallet identified as “1Jbez” and another 10,608 BTC (roughly $929 million) to a so-called change wallet labeled “1DcoA.”

The timing and magnitude of this transaction follow closely on the heels of two earlier significant transfers: 12,000 BTC moved on March 6, and 11,833 BTC transferred on March 11. Combined, Mt. Gox has shuffled over 35,000 Bitcoin in March alone—currently valued at around $3.1 billion. This total still aligns with Arkham Intelligence’s data, which shows that the exchange holds about that amount across its known wallets.

Blockchain intelligence firm Spot On Chain also weighed in on the activity, noting that some of the Bitcoin previously transferred this month made its way to the crypto exchange Bitstamp. The firm speculated that the recent 893 BTC sent to a warm wallet could also be moved out soon, possibly toward an exchange or third-party custodian as part of administrative or preparatory steps for redistribution.

These transactions come as creditors and market participants continue to monitor Mt. Gox’s wallet movements for signs that repayments are about to commence. Many of the creditors who have waited over a decade since the exchange’s collapse may be inching closer to some form of resolution.

The case of Mt. Gox remains one of the most storied and pivotal moments in crypto history. In early 2014, the Tokyo-based exchange filed for bankruptcy after disclosing that it had lost a staggering 850,000 Bitcoin in a now-infamous security breach. At its peak, Mt. Gox was the dominant trading platform for Bitcoin, handling between 70% to 80% of all BTC transactions globally.

Since then, a court-appointed trustee has overseen efforts to recover assets and distribute them to affected users. In recent years, several tranches of Bitcoin have been recovered and held securely as preparations for eventual reimbursement gained momentum.

However, the path has been slow and riddled with complications. In October 2024, the trustee pushed the repayment deadline by a full year to Oct. 31, 2025. The stated reason was that “many creditors still have not received their repayments because they have not completed the necessary procedures for receiving repayments.”

Sell or Hold?

Even as Mt. Gox inches closer to disbursing funds, there is growing consensus that many of its creditors may opt to hold their Bitcoin rather than sell. A Reddit poll conducted in July 2024, shortly after the exchange’s first minor distribution, found that a significant number of creditors were not in a hurry to liquidate their assets, citing both emotional and strategic reasons.

While the influx of billions in Bitcoin has raised concerns about potential market pressure and volatility, the actual impact might be muted if most creditors choose to hold their tokens.

Still, the possibility of a sudden wave of sell-offs cannot be entirely dismissed. In December 2024, Mt. Gox moved over 24,000 BTC—then worth nearly $2.5 billion—to an unknown address, triggering widespread debate about its intentions. That move coincided with Bitcoin surpassing the symbolic milestone of $100,000 for the first time, adding to market jitters.

Bhutan Moves $63M in Bitcoin Amid Growing National Crypto Reserve Strategy

In related news, the Himalayan kingdom of Bhutan has once again made headlines in the cryptocurrency world after moving $63 million worth of Bitcoin across three wallets on March 24, according to blockchain analytics platform Onchain Lens, which cited data from Arkham Intelligence.

One of the recipient wallets now holds approximately 600 BTC, worth around $53 million at current prices, underlining the country’s increasingly strategic approach to managing its digital assets.

This is just the latest move in Bhutan’s quiet but steadily growing relationship with cryptocurrency, particularly Bitcoin, which it has been mining using its vast hydroelectric power resources since 2019. The nation has positioned itself as a unique case study in sovereign-level crypto adoption, combining natural energy assets with long-term digital investment strategies.

Following the March 24 transfers, Bhutan’s primary crypto wallet — identified in 2024 as belonging to the country’s state-owned investment arm, Druk Holding and Investments (DHI) — now holds nearly $889.9 million in Bitcoin. This staggering amount represents approximately 30.7% of Bhutan’s total gross domestic product (GDP), which the World Bank estimated at $2.9 billion in 2023.

The implication is profound: Bhutan now has one of the highest ratios of sovereign Bitcoin holdings relative to GDP globally, rivaling early adopters like El Salvador.

Although Bitcoin forms the core of Bhutan’s crypto strategy, it is not the only digital asset held. Arkham Intelligence data also shows that the DHI wallet includes smaller allocations of other cryptocurrencies, such as Ether (ETH) worth around $334,580, and trace amounts of LinqAI (LNQ), Phil (PHIL), and Apu Apustaja (APU), among others. This diversification, though marginal compared to its Bitcoin stake, indicates a broader awareness of the evolving digital asset landscape.

The $63 million transaction follows a similar high-profile transfer in October 2024, when Bhutan moved $66 million worth of BTC to Binance — presumably for strategic reallocation or offloading during a bull market that saw Bitcoin reach historic highs.

Over the past two months, Bhutan’s government has been incrementally transferring smaller amounts of Bitcoin and Ether from its main wallet to other addresses. While the purposes of these transactions remain undisclosed, they may be part of a broader liquidity strategy, ongoing investment reshuffling, or preparations for further infrastructure development in the crypto mining or fintech sectors.

Such methodical activity suggests that Bhutan’s engagement with cryptocurrency is far from speculative — it is tactical, measured, and government-backed.

Bhutan’s national embrace of crypto is mirrored at the city level. In January 2025, the Gelephu Special Administrative Region (SAR) confirmed that it would integrate digital assets into its official strategic reserves.

Bitcoin in Global Reserve Trends

Bhutan is far from alone in leveraging Bitcoin as a strategic asset. Other nations, notably El Salvador and the United States, have significantly expanded their crypto reserves during the ongoing 2024–2025 bull market.

El Salvador, the first country to adopt Bitcoin as legal tender in 2021, saw the value of its Bitcoin holdings surge to over $100 million by late 2024. Meanwhile, the US government, primarily through law enforcement asset seizures, now holds more than $17 billion in Bitcoin.

The movement has also trickled down to the state level, particularly in the United States. Texas has passed a Bitcoin reserve bill that awaits the governor’s signature, and other states like Arizona are making legislative progress on similar proposals. However, not all have embraced the trend — some states have rejected such bills due to concerns about volatility, regulation, and central banking conflicts.

As countries and regions increasingly explore the utility of cryptocurrency as part of their strategic reserves, Bhutan’s model offers an intriguing template — especially for small nations rich in renewable energy and seeking alternative economic development paths.

By tapping into its hydroelectric surplus and converting it into one of the world’s most valuable digital assets, Bhutan is quietly transforming its economic foundation and signaling to the global community that crypto can serve more than just speculative ends. It can be a pillar of a modern digital economy — sovereign, sustainable, and scalable.