Bhutan government has capitalized on recent Bitcoin price surges, selling 367 BTC valued at around $33.5 million.
The South Asian country executed the sale via Binance when Bitcoin’s price topped $90,000, according to blockchain analytics firm Arkham Intelligence.
This transaction follows another sale just two weeks prior, where Bhutan sold $66 million in Bitcoin when prices hit $70,000.
Combined, the government has liquidated close to $100 million in Bitcoin within the last month.
Bhutan’s Bitcoin reserves, managed by Druk Holding & Investments, still include 12,206 BTC, worth about $1.11 billion.
This substantial reserve ranks Bhutan as the fifth-largest government holder of Bitcoin, following the U.S., China, the U.K., and Ukraine, according to Bitcoin Treasuries data.
Unlike other nations that acquire Bitcoin through asset seizures, Bhutan has earned its Bitcoin by tapping into its abundant hydroelectric power resources for mining.
Bhutan’s move to sell Bitcoin at market highs has attracted international attention, as more governments explore cryptocurrency investments.
Recently, figures in the U.S., including former President Trump and Senator Cynthia Lummis, have floated the idea of a national Bitcoin reserve, pointing to Bhutan’s proactive approach as a potential model for nations looking to incorporate Bitcoin into their financial strategies.
