Bhutan sovereign wealth fund has moved $216 million worth of Bitcoin. Bitcoin mining revenues have also slowed. Holdings have decreased by 70% since October 2024. The Himalayan kingdom of Bhutan has stepped up what experts have called a Bitcoin reserve sell-off, apparently dumping around $216 million worth of the world’s top crypto since the start of the year.
The nation, which has raised over $765 million in Bitcoin mining-related profits, has slashed the size of its Bitcoin pot by 70% since October 2024, per Arkham Intelligence data. At the end of 2024, the country’s wallets contained 13,000 Bitcoin, currently worth $931 million. The apparent sell-off continues to gather pace. Bhutan has moved over $12 million worth of Bitcoin out of its wallets in the past 24 hours alone.
The size of Bhutan’s holdings has shrunk down to 3,774 Bitcoin, currently worth around $270 million. The transfers follow a similar pattern, with funds moving out of the state-controlled wallet into newly created accounts. The Bhutanese government has been extremely tight-lipped about its Bitcoin investment strategy. It has placed its sovereign investment fund manager Druk Holding and Investments in charge of its Bitcoin mining and wallet management operations.
Leave a Reply