The Royal Government of Bhutan has recently sold a significant amount of Bitcoin worth over $59 million during a price surge.
Details of Bitcoin Sales
According to Arkham Intelligence, Bhutan executed six separate transactions involving a total of 512.84 BTC between July 10 and 14. A major transaction included selling 208.56 BTC worth approximately $23.18 million to Binance.
Current BTC Holdings of Bhutan
As of July 14, the government holds 11,411 BTC, valued at roughly $1.4 billion at current prices. This places Bhutan among the largest sovereign holders of Bitcoin in the world.
Reasons for Bitcoin Sales
The recent liquidation spree by the Bhutanese government coincided with Bitcoin's price increases, peaking at $122,500 on July 14. This may indicate strategic management of their crypto portfolio during profitable market conditions.
Bhutan continues its active Bitcoin sales amid a historic price surge, reflecting a strategic approach to managing state crypto assets.
