Bhutan Starts Selling Bitcoin Again: Arkham Flags $22.4 Million
Bhutan has resumed sending Bitcoin from government-linked wallets to market venues, with blockchain intelligence platform Arkham flagging $22.4 million in outflows over the previous week. The transfers add to a sample Arkham says it has noticed for months: periodic gross sales from a sovereign stash constructed via years of state-backed mining.
Bhutan’s Bitcoin Sales Hit The Market Again
Arkham stated one of many bigger actions within the current batch seems to have been routed straight to buying and selling infrastructure. “Bhutan has transferred $22.4M of Bitcoin out of their wallets prior to now week to promote,” Arkham wrote on X. “Their switch 5 days in the past was despatched on to the labeled addresses of market maker QCP Capital.”
The agency framed the exercise as episodic reasonably than a one-off liquidation. “From our observations, Bhutan periodically sells BTC in clips of round $50M, with a very heavy interval of selling around mid-late September 2025,” Arkham stated, suggesting a cadence of gross sales that may present up as discrete chunks of on-chain stream reasonably than a gradual drip.
Bhutan’s Bitcoin positioning is uncommon in that Arkham ties it to multi-year mining operations, not confiscations or open-market accumulation. “Bhutan has been mining Bitcoin since 2019, and has produced over $765M in BTC revenue,” Arkham wrote, whereas estimating “Bhutan’s whole vitality price of mining to be ~$120M.” Arkham added a caveat that the true price foundation might be decrease: “In apply, that is probably decrease, since Bhutan used hydroelectric power as a serious supply of electrical energy.”
The timing of mining exercise additionally seems to trace protocol economics. Arkham stated Bhutan mined most of its Bitcoin earlier than the April 2024 halving after which scaled again as manufacturing prices rose. “They mined most of their BTC earlier than the halving in 2024, and tapered closely after that,” Arkham wrote. “This is as a result of the fee to mine a single Bitcoin roughly doubled, which made mining much less environment friendly.”
Arkham described 2023 because the high-water mark for Bhutan’s mining output. “Bhutan’s heaviest mining 12 months was 2023, after they produced round 8,200 BTC,” the agency stated, including that “on the time of their peak BTC holdings, they held over 13,000 BTC.”
Arkham’s estimated annual mining totals have been roughly 2,500 BTC in 2021, 1,800 BTC in 2022, 8,200 BTC in 2023, and three,000 BTC in 2024.
At press time, BTC traded at $71,174.
