Bhutan has been mining Bitcoin with its mountain rivers for years. Nobody paid much attention. Now it is selling and the numbers are getting harder to ignore.
The Royal Government of Bhutan moved nearly $37 million in Bitcoin today, according to Arkham Intelligence. Some of those funds landed at addresses linked to QCP Capital, a trading firm that has appeared in Bhutan’s transfer history repeatedly. Last week the government moved another $72 million. The pace is picking up.
Bhutan started mining Bitcoin around 2021 using surplus hydroelectric power from its rivers. The electricity was essentially free. So was the Bitcoin. The country accumulated through market crashes and rallies, building a peak stack of roughly 13,000 BTC by late 2024.
It now holds around 4,453 BTC worth approximately $317 million. That is still enough to rank Bhutan as the seventh largest government Bitcoin holder in the world.
The selling is deliberate. In December 2025, Bhutan announced a commitment of up to 10,000 BTC to fund Gelephu Mindfulness City, a new special economic zone the country is building from scratch. Bitcoin proceeds also fund public services. Prime Minister Tshering Tobgay has said that includes healthcare and civil servant salaries.
Every coin was mined at near-zero cost. Every sale is pure profit.
Separately, analyst Gordon flagged a large Bitcoin short opened today. Someone put $71.1 million on Bitcoin falling, at 40x leverage. Their liquidation price is $78,902. At current prices the position is underwater.
The account has made over 1,300 trades with a 62.5% win rate.
At the time of writing Bitcoin is trading at $71,794, absorbing both the Bhutan outflows and the leveraged short without much visible stress.
The broader picture is still shaped by the five-day Iran ceasefire window Trump announced Monday. If those talks hold, the macro pressure that has been weighing on markets for weeks could ease. If they break down, the picture changes quickly.
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