The Bhutanese authorities have sold 284.8 BTC valued at $22.3 million from state reserves, according to analytics platform Arkham.
Bhutan is selling Bitcoin. pic.twitter.com/WDuUQmBZsU
— Arkham (@arkham) February 4, 2026
The transactions were executed in two parts: 184 BTC ($14 million) was sent on February 4, and another 100.8 BTC ($8.3 million) was sent on January 30. The recipient was market maker QCP Capital. Experts note that the kingdom periodically liquidates cryptocurrency in batches of around $50 million.
Bhutan has been mining since 2019, with total revenue exceeding $765 million. Arkham estimates electricity costs at approximately $120 million, although the actual figure is likely lower due to the use of hydropower.
The peak activity occurred in 2023, with around 8,200 BTC mined. The country's maximum reserves reached 13,000 BTC.
Mining statistics by year:
- 2021: ~2,500 BTC;
- 2022: ~1,800 BTC;
- 2023: ~8,200 BTC;
- 2024: ~3,000 BTC.
In the ranking of Bitcoin-holding countries, Bhutan ranks seventh, behind the USA, China, the UK, Ukraine, El Salvador, and the UAE.
The country currently holds 5,700 BTC worth over $403 million.
Source: Arkham.What’s Happening with Bitcoin?
The asset sell-off is occurring amid a market downturn and increasing challenges for miners. Following the 2024 halving, production costs have doubled, and output has decreased compared to 2023 levels.
The price of the leading cryptocurrency tested the $70,000 level. At the time of writing, the coin is trading at $71,082—43.8% below its all-time high of $126,080.
15-minute BTC/USDT chart from Binance. Source: TradingView.In December 2025, GMC and market maker Cumberland DRW signed a memorandum of understanding. In the same month, the country allocated 10,000 BTC for the construction of a "city of awareness."