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The authorities of Bhutan have sold bitcoins for the second time within a week, derived from the state mining initiative. The total value of the two transactions amounted to $22.3 million. Bhutan is among the few nations globally with its own cryptocurrency reserve.
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On Wednesday, Bhutan transferred 184 BTC valued at $14 million from its reserve, while last week it sent 100.8 BTC worth $8.3 million, according to data from Arkham. Both transfers were directed to the market maker QCP Capital. Such transactions typically indicate sales rather than investments, as market makers assist in converting assets into liquid funds. The last instance of active bitcoin sales by Bhutan occurred only from mid to late September 2025.
Since the commencement of mining operations at hydropower plants in 2019, Bhutan has accumulated approximately $765 million in bitcoins. According to Bitcoin Treasuries, the cryptocurrency reserve of this South Asian nation has decreased from a peak of 13,295 BTC in October 2024 to 5,700 BTC currently. In the ranking of countries by bitcoin holdings, Bhutan has fallen to seventh place, trailing behind the USA, China, the UK, Ukraine, El Salvador, and the United Arab Emirates.
The reduction of Bhutan’s reserves coincided with a decline in bitcoin’s value. The cryptocurrency has lost over 40% from its all-time high of $126,080, recorded in October of last year. On the morning of Thursday, February 5, the leading cryptocurrency was trading at $71,062, briefly dropping below $71,000 for the first time since March 2024.
Analysts from the company K33 assert that the prolonged decline of bitcoin should not be compared to the cycles of 2018 and 2022. They believe that an 80% crash is unlikely due to corporate holders of the coin, who currently have no intention of liquidating their cryptocurrency reserves.
