Points of Focus

• Bhutan-linked wallets moved another 100 BTC, worth about $6.7 million, marking the third straight week of similar transfers.
• The routing points to structured execution through trading firms, not rushed selling.
• The pattern shows how a sovereign miner is adjusting treasury strategy after post-halving economics tightened.

Bhutan’s Bitcoin activity is no longer a one-off adjustment. It is settling into a rhythm. On-chain data shows the Royal Government of Bhutan transferred roughly 100 Bitcoin, valued near $6.7 million, during the past week. This marks the third consecutive week of comparable movements, strengthening the case that the country is following a measured, repeatable offloading plan rather than reacting to short-term price stress.

Weekly Bitcoin sales point to structured execution

Blockchain data tracked by Arkham shows the latest transfer landed at a trading firm-linked destination tied to QCP Capital. The same routing appeared in prior weeks, including a similar 100 BTC transfer valued at about $8.3 million two weeks earlier. Repetition matters here, because when a sovereign holder sends coins to market-making channels in near-identical tranches, it signals planning and control while also reducing market impact at a time when liquidity is thin.

BHUTAN JUST SOLD $6.7 MILLION BTC

Bhutan has been selling Bitcoin every week for the past 3 weeks. pic.twitter.com/cLL3fb2Ckh

— Arkham (@arkham) February 13, 2026

Mining slowdown reshapes Bhutan’s treasury choices

Bhutan’s Bitcoin stack was built through state-backed mining, not seizures. Operations began in 2019 and relied on hydroelectric power to keep costs low. That model changed after the April 2024 halving cut block rewards. Planned mining expansion toward 600 megawatts, developed with Bitdeer Technologies, did not translate into higher output. On-chain indicators show mining activity slowed after the halving, pushing the government to lean more on reserve management than fresh production.

This context matters because selling from mined reserves during periods of lower profitability reflects balance-sheet discipline and shows a deliberate choice to protect value as marginal returns shrink.

Holdings remain large despite steady offloading

Despite the recent activity, Bhutan still holds roughly $372 million worth of Bitcoin in identified wallets, based on Arkham estimates.That scale reframes the sales, as weekly transfers in the $6–8 million range trim exposure without signaling an exit. September 2025 offers a useful reference point. Bhutan sold more than $100 million in Bitcoin during that period, showing it can move far more aggressively when needed. The current pace looks restrained by comparison.

What the pattern tells you

Three weeks of near-identical transfers turn behavior into signal, with Bhutan appearing to test a steady cadence that balances liquidity needs with market impact. For sovereign holders that mine Bitcoin, post-halving economics reward flexibility over hoarding. Bitcoin becomes a balance-sheet tool rather than a passive reserve.

If this cadence continues, further small tranches are more likely than large dumps, with the chain already showing the playbook and making clear that this is not about headlines but about execution.