Bhutan cashes out $33.5m in Bitcoin, retains $1.11bn BTC reserve
KATHMANDU: The Royal Government of Bhutan has sold 367 Bitcoin (BTC), worth approximately $33.5 million, through the major cryptocurrency exchange Binance. According to Arkham Intelligence, a blockchain analytics firm that tracked the transaction, the sale occurred on Thursday morning when Bitcoin reached an intraday high of over $90,000, later retreating to $87,000.
This sale marks Bhutan's second significant Bitcoin transaction in recent weeks, following an earlier sale for $66 million when Bitcoin reached $70,000. Combined, these sales total nearly $100 million. However, Bhutan remains one of the largest Bitcoin holders in the government, with 12,206 Bitcoin still under the management of Druk Holding & Investments, worth approximately $1.11 billion.
This approach contrasts with other countries' more common asset seizures. Unlike these countries, Bhutan mines Bitcoin using abundant hydroelectric resources. The country’s trading pattern reflects strategic timing in the sale of its holdings, demonstrating sophisticated management of its cryptocurrency assets.
Bhutan ranks fifth among countries holding BTC, following the United States, China, the UK, and Ukraine. Other nations are also benefiting from the current bull market. For example, El Salvador, one of the first countries to approve Bitcoin as legal tender, is using the surge to address some of its national debt and fund ambitious projects such as its planned Bitcoin City.
In the US, new legislation inspired by the state of Wyoming’s leadership is emerging. From Senator Lummis' ambitious bill to convert Federal Reserve gold holdings into Bitcoin, to a Pennsylvania bill exploring the use of 10% of state funds for crypto as an inflation hedge, regulatory activity around cryptocurrency is increasing.
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