The Royal Government of Bhutan recently sold about 367 Bitcoin, worth around $33.5 million, through Binance. According to Arkham Intelligence, the transfer took place at 12:06 a.m. UTC when Bitcoin’s price was high, above $90,000.
This sale follows a previous one two weeks earlier when Bhutan sold $66 million worth of Bitcoin as prices reached $70,000. In total, Bhutan has sold close to $100 million in Bitcoin within the past month.
According to Arkham, Bhutan still holds 12,206 BTC is worth about $1.11 billion. These Bitcoin holdings are managed by Druk Holding & Investments. Bhutan appears to be making use of these price peaks to gain profit by selling during high-price rallies.
The government’s current Bitcoin holdings make it the fifth-largest known government holder of Bitcoin, with only the United States, China, the United Kingdom, and Ukraine holding more, according to Bitcoin Treasuries data.
Unlike other governments that gain Bitcoin mostly through asset seizures, Bhutan has been mining its own Bitcoin using its hydroelectric power resources.
Bhutan’s strategy to sell Bitcoin as prices rise has caught international attention, as other governments are beginning to show interest in cryptocurrency.
In the U.S., for example, recent statements from President Trump and a proposed bill from Senator Cynthia Lummis suggest the government may consider buying more Bitcoin and possibly creating a “Strategic Bitcoin Reserve.” Bhutan’s actions could serve as an example for other nations looking to manage Bitcoin as part of their national assets.
Also read: Bhutan Now Owns $1 Billion in Bitcoin; What About India?
