{"id":93964,"date":"2026-02-05T11:50:00","date_gmt":"2026-02-05T08:50:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=93964"},"modified":"2026-02-05T11:50:14","modified_gmt":"2026-02-05T08:50:14","slug":"bhutan-liquidates-22-million-in-bitcoin-reserves","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bhutan-liquidates-22-million-in-bitcoin-reserves\/","title":{"rendered":"Bhutan Liquidates $22 Million in Bitcoin Reserves"},"content":{"rendered":"<p>The Bhutanese government has liquidated 284.8 BTC from its state reserves, valued at $22.3 million, according to analytics platform Arkham.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"et\" dir=\"ltr\">Bhutan is selling Bitcoin. <a href=\"https:\/\/t.co\/WDuUQmBZsU\">pic.twitter.com\/WDuUQmBZsU<\/a><\/p>\n<p>\u2014 Arkham (@arkham) <a href=\"https:\/\/twitter.com\/arkham\/status\/2019098198304825581?ref_src=twsrc%5Etfw\">February 4, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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 <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-market-maker\">market maker<\/a> QCP Capital. Experts note that the kingdom periodically sells cryptocurrency in batches of approximately $50 million.<\/p>\n<p>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.<\/p>\n<p>The peak of activity was in 2023, when about 8,200 BTC were mined. The country&#8217;s maximum reserves reached 13,000 BTC.<\/p>\n<p>Annual mining statistics:<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>2021:<\/strong> ~2,500 BTC;<\/li>\n<li><strong>2022:<\/strong> ~1,800 BTC;<\/li>\n<li><strong>2023:<\/strong> ~8,200 BTC;<\/li>\n<li><strong>2024:<\/strong> ~3,000 BTC.<\/li>\n<\/ul>\n<p>In the ranking of Bitcoin-holding countries, Bhutan <a href=\"https:\/\/bitcointreasuries.net\/governments\/bhutan\">ranks<\/a> seventh, behind the USA, China, the UK, Ukraine, El Salvador, and the UAE.<\/p>\n<p>The country&#8217;s balance holds 5,700 BTC, valued at over $403 million.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-b9f9b882ed92679c-5497261934777130.webp\" alt=\"\u0421\u043d\u0438\u043c\u043e\u043a \u044d\u043a\u0440\u0430\u043d\u0430 2026-02-05 110630\" class=\"wp-image-274660\"\/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/intel.arkm.com\/explorer\/entity\/druk-holding-investments\">Arkham<\/a>.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\">What About Bitcoin?<\/h2>\n<p>The asset sale occurs amid a market downturn and increasingly challenging conditions for miners. Following the <a href=\"https:\/\/forklog.com\/en\/news\/a-year-after-bitcoins-halving-why-is-this-time-different\">halving<\/a> in 2024, the cost of production doubled, and output volumes decreased compared to 2023 levels.<\/p>\n<p>The price of the leading cryptocurrency <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-tests-70000-amid-macro-pressure-and-etf-outflows\">tested<\/a> the $70,000 level. At the time of writing, the coin is trading at $71,082 \u2014 43.8% below its all-time high of $126,080.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"658\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-880a90778e23808e-5497288796602957-1024x658.png\" alt=\"BTCUSDT_2026-02-05_11-15-13\" class=\"wp-image-274661\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-880a90778e23808e-5497288796602957-1024x658.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-880a90778e23808e-5497288796602957-300x193.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-880a90778e23808e-5497288796602957-768x493.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-880a90778e23808e-5497288796602957.png 1429w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">15-minute BTC\/USDT chart on Binance. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Back in December 2025, GMC and market maker Cumberland DRW <a href=\"https:\/\/forklog.com\/en\/news\/cumberland-to-aid-bhutan-in-launching-national-stablecoin\">signed<\/a> a memorandum of understanding. In the same month, the country <a href=\"https:\/\/forklog.com\/en\/news\/bhutan-allocates-10000-btc-for-mindfulness-city-development\">allocated 10,000 BTC<\/a> for the construction of a &#8220;city of mindfulness.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bhutanese government has liquidated 284.8 BTC from its state reserves, valued at $22.3 million, according to analytics platform Arkham.<\/p>\n","protected":false},"author":1,"featured_media":93965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Bhutan liquidates 284.8 BTC from reserves, valued at $22.3 million.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1536,1676,18,1326],"class_list":["post-93964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-arkham","tag-bhutan","tag-bitcoin","tag-qcp-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"293","promo_type":"1","layout_type":"1","short_excerpt":"Bhutan liquidates 284.8 BTC from reserves, valued at $22.3 million.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=93964"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93964\/revisions"}],"predecessor-version":[{"id":93966,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93964\/revisions\/93966"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/93965"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=93964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=93964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=93964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}