Why Is Bhutan Selling Bitcoin Now? A $59M Move Amid BTC’s All-Time High

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The Royal Government of Bhutan is once again making headlines in the crypto world as Bitcoin hits $123K for the first time in history. Known for its surprisingly large Bitcoin reserves, the Royal Government has reportedly accelerated its BTC sales in recent days. 

According to blockchain tracking platform Lookonchain, Bhutan sold 512.84 BTC over the past four days, amounting to approximately $59.47 million. Despite this selling spree, the country still holds a sizable stash of 11,411 BTC, valued at around $1.4 billion.

A History of Strategic Selling

This isn’t Bhutan’s first Bitcoin sale. Over the past year, the government has quietly been selling portions of its BTC holdings during periods of market strength. These moves appear to be part of a calculated strategy to take profits without making waves in the market. Data from Arkham Intelligence suggests that Bhutan has been particularly active during recent Bitcoin rallies, timing its sales to maximize returns. 

The country began accumulating Bitcoin as early as 2019, primarily through state-owned Druk Holding & Investments. With its vast supply of clean hydropower, Bhutan has been able to mine Bitcoin sustainably, a strategy that has proven lucrative given the digital asset’s long-term price appreciation.

Bhutan vs Other Nations 

Bhutan is striking a smart balance in crypto strategy by mining, holding, and selectively selling Bitcoin. Unlike Germany, which sold nearly 49,858 BTC too early, losing out on $2B in gains, or El Salvador, which refuses to sell at all, Bhutan treats Bitcoin as both a long-term reserve and a funding tool. According to Arkham, its state-owned DHI holds about 12,000 BTC and smaller amounts of ETH, BNB, and MATIC.

Bhutan’s Balanced Bitcoin Gameplan

Bhutan’s recent spike in Bitcoin sales appears to be a strategic move timed with BTC’s price rebound, likely aimed at raising funds for national development while optimizing its crypto reserves. Rather than sticking to extremes, Bhutan is treating Bitcoin like both a reserve asset and a strategic funding tool. 

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It mines its own BTC, holds a sizable reserve, and sells at selective intervals to raise funds without fully exiting the market. This approach allows the country to capitalize on Bitcoin’s value while still maintaining a long-term position.

Moreover, Bhutan is one of the few nations that mines Bitcoin using clean energy. Its ongoing collaboration with Bitdeer and projects like the Gelephu Mindfulness City show that Bhutan isn’t just cashing out, it’s reinvesting in its future.

Overall, Bhutan may be selling some of its Bitcoin now because the price has gone up, giving it a good chance to make profits.