Bhutan, that has subtly etched its name among pro-Bitcoin nations in recent years, is using the asset perhaps to inject more liquidity into its economy. On Wednesday, Bhutan moved BTC 184 to crypto market maker QCP Capital. On Wednesday, BTC was trading at $76,000 and so Bhutan wired QCP tokens worth over $13 million.
This transaction, according to Arkham Intelligence, is the second of this type in the last seven days. The government of Bhutan had transferred BTC 100.8 — estimated to be worth over $7.15 million — to QCP Capital on January 30.
Collectively through these two transactions, Bhutan has offloaded over $22 million worth of BTC in the last one week.
While Arkham Intelligence did not provide a potential reason why the Himalayan nation is heavy selling, it did say Bhutan has a pattern of selling BTC worth $50 million in regular intervals.
It is, however, noteworthy that Bhutan has pledged to fund a new economic hub by liquidating $1 billion in Bitcoin. These sell-offs could be part of this pledge — official confirmations remain awaited for now.
As of now, details of these fresh BTC transactions from the Bhutan government remain awaited.
Bhutan’s ballet with Bitcoin
The kingdom of Bhutan had emerged as the fifth-largest national holder of Bitcoin in December 2025 with over 13,000 Bitcoins in possession at peak. The U.S. topped the index with China, the U.K., and Ukraine on the top five BTC-holding countries alongside Bhutan, as per BitBo.
Given the abundance of natural resources in Bhutan, it started powering BTC mining in 2019. As per Arkham, the country has produced $765M in BTC profit.
“We roughly estimate Bhutan’s total energy cost of mining to be ~$120 million. In practice, this is likely lower, since Bhutan used hydroelectric power as a major source of electricity,” Arkham said — noting that things have changed since 2024. “They mined most of their BTC before the halving in 2024, and tapered heavily after that. This is because the cost to mine a single Bitcoin roughly doubled, which made mining less efficient.”
Source: X/ @Arkham
The country has recently partnered Cumberland DRW to facilitate Bitcoin reserve management.
Bhutan has also joined forces with Binance last year to deploy a country-wide cryptocurrency payment network, specifically to cater to its tourism sector.