The Kingdom of Bhutan has sold over $22 million worth of Bitcoin from its national reserves, according to blockchain analytics. The state has significantly reduced its holdings as cryptocurrency prices fall and mining profitability declines following the recent halving event.
Bhutan has transferred over $22 million in Bitcoin to a market maker, signaling a sale. The Druk Holding and Investments entity moved the assets in two batches last week.
Data from the analytics platform Arkham shows the country moved 184 Bitcoin worth $14 million on Wednesday. This followed a transfer of 100.8 Bitcoin worth $8.3 million the previous Friday.
The assets were sent to crypto market maker QCP Capital. Transferring to market makers often facilitates a sale by converting assets into liquid markets.
Bhutan has accumulated about $765 million in Bitcoin since launching state-owned mining in 2019. The operation is primarily powered by hydroelectric energy.
The cost to mine 1 Bitcoin has roughly doubled since the 2024 Bitcoin halving. Bhutan is now mining far less Bitcoin than it did in 2023.
The nation’s Bitcoin holdings have fallen from a peak of 13,295 BTC in October 2024 to 5,700 BTC. This sell-off has moved Bhutan to seventh in Bitcoin holdings among nation-states.
Bhutan periodically sells Bitcoin in batches of around $50 million. Its most recent period of heavy selling occurred in mid-to-late September 2025.
Bitcoin’s price has fallen 42.8% from its all-time high of $126,080 last October. It is currently trading below $72,000.
The slump coincides with US government shutdowns and President Donald Trump’s continued war and tariff threats. Stalled crypto market structure legislation in Washington has also contributed.
Investors continue shifting from risk-on assets to safe havens like gold and silver. This shift is amid broader macroeconomic uncertainty.
Quantum computing risks to Bitcoin’s security model are a recent narrative. The network’s hashrate falling below 1 zetahash per second due to unprofitable mining is another contributing factor.
