Bhutan Just Moved $23M in Bitcoin, Is the Country Cashing Out at the Top?

Key Points

1. Bhutan transferred 212.31 BTC (worth ~$23 million) to Binance, with additional transfers of 136.99 BTC (~$14 million) to the same exchange.

2. Bhutan currently holds approximately 11,711 BTC (~$1.2 billion), making up about 40% of its GDP, and ranks as the sixth-largest known nation-state holder of Bitcoin.

3. The country's Bitcoin assets are managed by Druk Holding & Investments, its state-owned investment firm, which has built a sizable digital asset portfolio over the years.

4. Bhutan's Bitcoin holdings were reportedly acquired through mining operations utilizing its sustainable hydropower resources, aligning with its economic strategy.

5. The timing of the transfers coincides with Bitcoin's price peaks, similar to a previous $33 million deposit in November 2024.