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.
Bhutan is selling Bitcoin to fund infrastructure and public services. Since it mined BTC using surplus hydro power, these sales are largely profit.
Bhutan holds about 4,453 BTC worth over $300 million, making it one of the largest government Bitcoin holders globally.
Large sales can add short-term pressure, but strong demand is absorbing supply, keeping Bitcoin stable near current levels.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Centralized crypto exchanges have kept the industry under a tight grip, but the narrative is…
Nearly 40 percent of altcoins are trading close to their all-time lows, according to fresh…
Pi Network’s prolonged decline is raising fresh questions about the token’s near-term outlook. After sliding…
Bitcoin's fixed 21 million supply has always been one of the biggest reasons investors call…
The crypto market may have just witnessed one of its most intriguing liquidity shifts this…
Bitcoin and Ethereum prices have again dropped more than 2% today after U.S. President Donald…
