The Royal Government of Bhutan transferred over $22 million worth of Bitcoin (BTC) from its sovereign wallets last week, attracting attention from the cryptocurrency community.
Arkham data revealed that one of the transactions, five days ago, was sent directly to addresses linked to market maker QCB Capital. These moves are consistent with Bhutan’s periodic sale of Bitcoin since it began mining the digital currency in 2019.
“Based on our observations, Bhutan periodically sells Bitcoin in batches of around $50 million, with a particularly intense sales period in mid-September 2025,” Arkham wrote.
Bhutan moved $22.4 million worth of Bitcoin out of its wallet over the past week for sale. Their transfer 5 days ago was sent directly to the indicated addresses of market maker QCP Capital.
Based on our observations, Bhutan periodically sells BTC in increments of around $50 million, with a… pic.twitter.com/OsL3PzPZDp-Arkham (@arkham) February 4, 2026
Additionally, the Himalayan kingdom’s cryptocurrency portfolio fell by more than 70%, from its peak of $1.4 billion to $412 million, following a drop in market value.
According to data from Bitcoin Treasuries, Bhutan remains the seventh largest government holder of Bitcoin.
Data: Bhutan Steps Up Bitcoin Mining in 2023
Bhutan has been mining Bitcoin since 2019 and has generated over $765 million in profits from Bitcoin.
“Bhutan mined most of its bitcoin before bitcoin was halved in 2024, then significantly reduced its activity afterward,” the Arkham report said. “This is because the cost of mining a bitcoin has almost doubled, making mining less efficient.”
Additionally, the country appears to have mined 8,200 Bitcoins in 2023 alone, making it the most active year for mining. It mined approximately 1,800 BTC in 2022 and 300 BTC in 2024.
Wallet transfers show no signs of liquidation
Bitcoin transfers from the government wallet over the past week come after the price of Bitcoin fell to $70,000. The largest digital currency fell 7.36% over the past 24 hours, outperforming the broader digital currency market’s decline of 6.39%.
Despite the large transfers, blockchain data analysts point out that these are more likely to be internal redistribution or custody arrangements than liquidations. The country’s portfolio balances remain largely unchanged.
Bhutan has made similar portfolio moves in the past without causing a market collapse.
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