The Bhutanese government has liquidated 284.8 BTC from its state reserves, valued at $22.3 million, 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) were sent on February 4, and an additional 100.8 BTC ($8.3 million) on January 30. The recipient was the market maker QCP Capital. Experts note that the kingdom periodically sells cryptocurrency in batches of approximately $50 million.
Bhutan has been engaged in mining since 2019, with cumulative revenue exceeding $765 million. Arkham estimates electricity costs at ~$120 million, though the actual figure is likely lower due to the use of hydropower resources.
The peak of activity was in 2023, when about 8,200 BTC were mined. The country’s maximum reserves reached 13,000 BTC.
Annual mining statistics:
- 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’s balance holds 5,700 BTC, valued at over $403 million.
What About Bitcoin?
The asset sale occurs amid a market downturn and increasingly challenging conditions for miners. Following the halving in 2024, the cost of production doubled, and output volumes 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.
Back 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 mindfulness.”