A surprising player has emerged amid recent Bitcoin weakness: the tiny Himalayan kingdom of Bhutan. Once quietly accumulating Bitcoin through a government-backed mining program, the nation — home to fewer than one million people — has become a significant seller, moving more than 8,000 BTC as it took profits on a once-massive stack.
Bhutan’s government-operated mining effort reportedly grew to roughly 13,000 BTC by 2024. Arkham Intelligence data shows that the country’s holdings were worth nearly $1.5 billion at their peak in 2025. As Bitcoin rallied past the six-figure mark, Bhutan began to trim its position, initially converting mined BTC into USDT and routing funds to exchanges like Binance in relatively small increments.
The sell-off accelerated in 2025. Early in the year, transactions were typically in the $1–$5 million range, but March marks a clear escalation: the government moved hundreds of BTC in single transfers. Notable on-chain activity includes 175 BTC (~$11.86M) on March 9 and 205.52 BTC (~$15.14M) on March 17. Large single-day moves followed — 595.84 BTC (~$44.44M) on March 18 and 519.7 BTC (~$36.75M) on March 25.
Those withdrawals have pushed Bhutan’s holdings down to about 4,453 BTC, meaning the country has sold roughly 8,547 BTC since peaking at 13,000. Much of the flow appears to have gone to Binance, with total transfers to the exchange surpassing $100 million so far.
Another notable name on the trail is QCP Capital, a Singapore-based digital-asset trading firm that positions itself as a bridge between traditional finance and crypto markets. Arkham-tracked transfers to QCP total roughly $16 million in BTC for Bhutan, suggesting the firm is helping facilitate at least part of the liquidation strategy.
Bhutan’s move from steady miner-holder to substantial seller is a rare example of a sovereign entity actively monetizing mined Bitcoin at scale. If the country continues to unwind its holdings, expect more sizable on-chain flows — and for intermediaries like Binance and QCP to remain key desks of interest.
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