Бутан распродает биткоины на фоне рынка: $22 млн из резервов на маркетмейкера Translation: Bhutan Liquidates Bitcoins Amid Market Downturn: $22 Million from Reserves to Market Maker

The Bhutanese authorities have withdrawn 284.8 BTC from their state reserves, amounting to a total value of $22.3 million, as reported by the analytical platform Arkham.

The transactions were executed in two installments: 184 BTC ($14 million) were sent on February 4, and an additional 100.8 BTC ($8.3 million) were transferred on January 30. The recipient was the market maker QCP Capital. Experts have observed that the kingdom periodically sells its cryptocurrency in batches of approximately $50 million.

Bhutan has been engaged in mining activities since 2019, with total earnings exceeding $765 million. Arkham estimated the electricity costs to be around $120 million; however, the actual figure is likely lower due to the use of hydro resources.

The peak mining activity occurred in 2023, when around 8,200 BTC were extracted. The country’s maximum reserves reached 13,000 BTC.

Annual mining statistics are as follows:

In the ranking of Bitcoin-holding countries, Bhutan occupies the seventh position, trailing behind the USA, China, the UK, Ukraine, El Salvador, and the UAE.

The country holds a balance of 5,700 BTC, valued at over $403 million.

The asset sell-off is taking place against a backdrop of market decline and increasing challenges for miners. Following the 2024 halving, the production costs have doubled, and output levels have decreased compared to 2023 figures.

The price of the leading cryptocurrency has tested the $70,000 mark. At the time of writing, the coin is trading at $71,082 — 43.8% lower than its all-time high of $126,080.

It is noteworthy that in December 2025, GMC and the market maker Cumberland DRW signed a memorandum of understanding. In the same month, the country allocated 10,000 BTC for the construction of a «city of awareness.»