Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The government of Bhutan has transferred 319.7 bitcoins, valued at approximately $22.7 million at the current exchange rate, to two distinct wallets. One of these wallets has not been previously associated with the kingdom’s transactions and may be linked to a cryptocurrency exchange, while the other has already been involved in transactions on the OKX and Galaxy Digital platforms, according to analysts from Lookonchain.
Related Posts
The transfer of bitcoins from Bhutan’s state reserves typically precedes the sale of the asset. The nation has been selling its first cryptocurrency since October 28, 2024: according to data from the Arkham platform, during this period, the volume of the kingdom’s state reserves has decreased from 13,000 coins to 3,954 BTC.
Since the beginning of 2026, Bhutan has withdrawn over 559 BTC from its state reserves, amounting to around $41 million. Over the course of three months, the kingdom has executed at least five transactions, with the largest occurring in late March, when Bhutan transferred 519.707 BTC from its reserves, valued at approximately $36.75 million, according to Arkham.
Despite the sale of a portion of its assets, Bhutan remains the seventh largest country in the world in terms of bitcoin reserves. The majority of the coins have been acquired through state mining utilizing local inexpensive hydroelectric power. The authorities’ total expenditure on mining all of the accumulated first cryptocurrency has been only $120 million. However, the bitcoin halving in 2024 has led to increased mining costs, prompting the government to decide to sell some of its bitcoins. It has been announced that the proceeds will be used to fund the development of public infrastructure and to pay salaries to government employees.
Due to rising mining costs, major companies have begun liquidating their bitcoins. One of the largest public bitcoin miners, MARA Holdings, sold 15,133 BTC for approximately $1.1 billion between March 4 and March 25 to settle debt securities.
In Russia, miners are reporting that even in the region of the country with the most favorable electricity prices, cryptocurrency mining is becoming unprofitable — and Russian companies are losing out to their American counterparts.
