Bhutan has transferred more than $22 million worth of bitcoin from its national reserves as prices slide and mining conditions become more challenging.
Blockchain data from Arkham shows the country moved 184 bitcoin worth about $14 million on Wednesday, following another 100.8 bitcoin transfer worth $8.3 million last week, with both sent to market maker QCP Capital.
The transfers come as Bhutan’s bitcoin holdings have fallen from a peak of 13,295 BTC in October 2024 to about 5,700 BTC, pushing it down to the seventh-largest nation-state holder.
Arkham said Bhutan has accumulated roughly $765 million in bitcoin since launching its state-backed mining operations in 2019, largely powered by hydroelectric energy.
Mining profitability has deteriorated since the 2024 bitcoin halving, with Arkham noting the cost to mine one bitcoin has roughly doubled and output falling sharply from 8,200 BTC mined in 2023.
Bitcoin Treasuries data shows Bhutan now trails the US, China, the UK, Ukraine, El Salvador and the United Arab Emirates in state-held bitcoin reserves.
The sales coincide with bitcoin trading more than 42% below its all-time high, as macro uncertainty, rising mining costs and shifting risk sentiment continue to weigh on the crypto market.
At the time of reporting, Bitcoin price was $70,360.69.