Bhutan Sells Bitcoin Worth $173M, Keeps Over 11,400 BTC
According to Arkham Labs, Bhutan’s sovereign arm Druk Holdings executed a major Bitcoin sale, transferring about $173 million worth of Bitcoin to Binance over four days in July. The latest Bitcoin sale involved 512.84 BTC ($59.5 M) via six transfers ranging from 99 to 208.56 BTC. Despite these outflows amid Bitcoin’s rise from $108,000 to $122,000, Bhutan remains the world’s fifth-largest holder with 11,411 BTC (≈$1.4 B) and 656 ETH (≈$1.93 M). Its crypto treasury grew from $1.29 B to $1.37 B over the week, aided by a 12.4% BTC and 18% ETH price surge. The kingdom—mining Bitcoin since 2017 using hydroelectric power—also plans to house strategic reserves of BTC, ETH, and BNB in the upcoming Gelephu Mindfulness City, underscoring an active portfolio management approach rather than an exit.
Neutral
Although Bhutan sold a sizeable amount of Bitcoin—totaling $173 M over four days—the outflow represents only a small fraction of its 11,411 BTC reserve. The sale was executed at new highs ($108K–$122K) as strategic profit-taking rather than a panic exit. Coupled with a recent rally that boosted its treasury valuation by 6% in a week and plans to expand strategic holdings of BTC, ETH, and BNB, the market impact is likely muted. Traders should view this as portfolio rebalancing, suggesting a neutral effect on Bitcoin’s short-term price and continued stability in the longer term.