Bhutan sells $60M Bitcoin but keeps $1.4B stake

The Royal Government of Bhutan sold nearly $60 million worth of Bitcoin (CRYPTO:BTC) over four days in July, according to on-chain data from Arkham Intelligence.

Between July 10 and July 14, Bhutan transferred 512.84 BTC across six transactions, mainly to the Binance exchange.

One transfer alone moved 208.56 BTC, valued at approximately $23.18 million.

The overall sales amounted to about $59.47 million, coinciding with Bitcoin reaching new price highs.

Despite these sales, Bhutan continues to hold a significant crypto treasury of 11,411 BTC, valued at around $1.4 billion at current prices.

Arkham’s data shows the country’s crypto holdings increased from $1.29 billion to $1.37 billion within a week, buoyed by Bitcoin’s 12.4% price rise from $108,000 to $122,000.

Bhutan’s Ethereum holdings remained steady at 656 ETH, worth approximately $1.93 million after an 18% price increase.

These moves suggest active portfolio management, trimming Bitcoin exposure during price surges while allowing overall gains to accumulate.

The strategy could reflect Bhutan’s intent to maintain liquidity and manage risk amid Bitcoin’s known volatility, balancing immediate profits with long-term asset value.

Earlier, between July 3 and July 10, Bhutan’s Bitcoin balance rose from $1.26 billion to $1.30 billion even after transferring 213 BTC to Binance.

Market conditions saw Bitcoin consolidate between $105,000 and $108,000 before surging past $121,000 on July 13, coinciding with Bhutan’s largest Bitcoin sell-off.

Notably, the US imposed new tariffs on the EU and Mexico around the same time, events that might have unsettled risk assets in prior cycles.

At the time of reporting, Bitcoin price was $117,637.