Key Highlights
- Bhutan moves $72M in Bitcoin, hinting at careful cash-outs amid market changes.
- Mining slowdown prompts Bhutan to sell holdings while keeping major reserves intact.
- Bitcoin currently trades near $74K as Bhutan balances short-term sales with long-term strategy.
The Royal Government of Bhutan moved 973 Bitcoin (BTC), worth around $72.3 million, to several different addresses over Tuesday and Wednesday. These coins came from accounts linked to Druk Holding & Investments, the country’s sovereign wealth fund that manages Bhutan’s Bitcoin reserves.
According to blockchain analytics firm Arkham Intelligence, another $44.4 million in Bitcoin was sent to two unknown addresses, making the total amount of funds moved in 24 hours roughly $72.3 million. In addition, about 20.5 BTC, or $1.5 million, was transferred to QCP Capital, an over-the-counter (OTC) trading platform.
So far this year, Bhutan has moved over $110 million worth of Bitcoin. Data from Arkham shows that Druk Holding now holds 4,453 BTC, valued at roughly $330 million. That’s a significant drop from October 2024, when the country’s Bitcoin reserves peaked at more than 13,000 BTC.Â
Mining strategy and market moves
Bhutan builds most of its Bitcoin reserves through mining, taking advantage of its plentiful hydroelectric power to keep costs low, around $120 million. In 2023, the country mined about 8,200 BTC, generating an estimated $265 million in profit. But the 2024 Bitcoin halving made mining more expensive and less efficient. Bhutan now seems to be selling part of its holdings to fund public projects, pay civil servants, and support infrastructure work.
Between 2023 and 2024, the kingdom sold roughly $100 million worth of Bitcoin, reflecting a careful and measured approach. Earlier this year, it moved $22.4 million in Bitcoin to exchanges during a market dip, followed by another $14 million in smaller transactions. Despite these sales, Bhutan remains the seventh-largest nation-state holder of Bitcoin, showing steady and strategic management of its digital assets.
Bitcoin price and network trends
At the time of writing, according to data from CoinMarketCap, Bitcoin was trading around $73,910, up slightly by 0.22% over the past 24 hours. The top cryptocurrency surged more than 7% to nearly $76,000 on Tuesday but fell back below $74,000 on Wednesday, showing the market’s short-term volatility.
Data from Blockchain.com also reveals that the hash rate of the network is still rising, even with the price fluctuations. This is evidence that the network is still doing well even with the price fluctuations. Bhutan’s latest moves with regard to its Bitcoin holdings indicate that the country is balancing its sales with its long-term holdings.
Also Read: Bitcoin Rainbow Chart Flashes ‘Fire Sale’: Analysts Eye $150K–$440K Rally
