Bhutan Moves $22.4M Bitcoin to Market Maker QCP Capital as State Mining Strategy Shifts

Key Takeaways:

• Bhutan transferred about $22.4 million Bitcoin to QCP Capital, showing the possibility of another sale.
• From 2019, BTC mining by hydro-power has brought approximately $765 million for this nation.
• After the event of halving in 2024, its mining speed has been reduced, as well the efficiency but the cost has been increased.

The state-linked Bitcoin movements in Bhutan are on the radar again with new on-chain orders emerging, and the pressure on new sales appeared. The relocations demonstrate how the nation-states miners are refining their game as their mining economics changes.

Read More: Bhutan Migrates National Digital Identity to Ethereum in Major Blockchain Milestone

Bhutan is selling Bitcoin. pic.twitter.com/WDuUQmBZsU

— Arkham (@arkham) February 4, 2026

Blockchain analytic platform Arkham indicates that the country moved about $22.4 million of BTC out of its pockets last week. Part of it went directly to addresses associated to market maker QCP Capital, which typically takes the form of liquidity pumping or establishing a sale.

Sell-off Bhutan tends not to sell off Bitcoin on a continuous basis, but in batches. Analysts understand that previous distributions reached a range of about $50 million chunks indicating a calculated strategy instead of panic trade.

The recent actions are a repeat of what we perceived in late 2025 when the nation increased the sell-side flows in the process of facing harder market volatility. No official explanation was given as to the motive but the timing suggests treasury management and not the full pull-back by Bitcoin.

In the year 2019, Bhutan launched an initiation of mining Bitcoin, relying on its well developed hydroelectric system to ensure low costs. The success of the mining activities has brought in amounts of over $765 million in estimation of profit, whereas the energy expenses have been around $120 million or fewer.

Their high was in the year 2023 when they mined approximately 8,200 BTC. The previous years accrued at a slower pace with approximately 2,500 BTC last year and 1,800 BTC the previous year. The mining remained significant in 2024; however, it began weakening with the shifts in the economic environment

Read More: Tether Open-Sources Bitcoin Mining OS, Targeting Home Rigs to Global Industrial Farms

After the 2024 Bitcoin halving, the cost to mine a single BTC roughly doubled. That shift reduced efficiency even for operations powered by renewable energy. As a result, Bhutan scaled back mining intensity and leaned more on managing existing reserves.

Bhutan was reported to possess a total of more than 13,000 BTC at its high point which has made it one of the large nation states holders. The act of strategic transferring liquidity providers now appears to be a cycle to a larger treasury, where there is a need to offset the profits made in the past mining to the current market conditions.

Sovereign wallet reverse movements are monitored in the market since it may indicate the availability of supply in the exchange floors. Bhutan has not been assertive in its moves, but calculated – frequent adjustments rather than a mega sell-off.

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