- Bhutan transferred $22 million worth of Bitcoin to QCP Capital.
- Arkham Intelligence reveals that Bhutan’s Bitcoin holdings dropped to 5,700 BTC.
- Bitcoin mining costs rose significantly after the 2024 halving event.
Data from Arkham Intelligence, a blockchain analytics platform, reveals that the Himalayan Kingdom of Bhutan moved over $22 million in Bitcoin from its national reserve this week.
Bhutan conducted the transaction in two batches: 184 BTC, worth approximately $14 million, on Wednesday, and another 100.8 BTC, worth about $8.3 million, which the country transferred last Friday.
Details of the transactions show that the government of Bhutan sent the withdrawn Bitcoins to QCP Capital, a leading Singapore-based cryptocurrency trading firm. Typically, transactions of this nature suggest an impending sale of the transferred digital assets.
In the meantime, more details from Arkham Intelligence reveal that Bhutan has accumulated approximately $765 million in Bitcoin since launching its state-backed mining in 2019, which it mainly powers with hydroelectric energy. However, mining complications following the 2024 halving are cited as the reason for the latest selloff.
Bhutan is Now the Seventh-Largest BTC Holding Nation
Notably, the cost of mining 1 BTC has roughly doubled since the 2024 Bitcoin halving. Meanwhile, Bhutan is reportedly mining far fewer Bitcoins than it did in 2023, when Arkham’s report revealed that the Kingdom mined 8,200 BTC.
With the latest selloff, Bhutan’s Bitcoin holdings currently stand at 5,700 BTC, falling from a peak of 13,295 BTC in October 2024. With this figure, Bhutan has become the seventh-largest nation-state Bitcoin holder, behind the U.S., China, the UK, Ukraine, El Salvador, and the UAE.
According to Arkham Intelligence reports, Bhutan engages in periodic Bitcoin selloffs, selling the cryptocurrency in batches of around $50 million, with the most recent heavy selling occurring in September 2025. Meanwhile, it is worth noting that the latest selloff coincides with Bitcoin’s struggles amid significant bearish pressure.
TradingView’s data show that Bitcoin traded below $71,000 at the time of writing, reflecting a 45% decline from an all-time high of over $126,000, which it achieved in October 2025.
Related: Bhutan Makes Bitcoin Reserves a City Plan, While El Salvador’s Bitcoin City Waits
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