The Royal Government of Bhutan recently sold 367 Bitcoin, valued at approximately $33.5 million, via Binance.

Data from Arkham Intelligence shows the transaction occurred on Thursday morning when Bitcoin’s price exceeded $90,000. Since then, Bitcoin has dropped over 3% to $87,000.

Bhutan Is Still the First-largest Government Bitcoin Holder 

This sale follows a $66 million Bitcoin transaction two weeks ago, executed when BTC reached $70,000. Combined, Bhutan has liquidated nearly $100 million worth of Bitcoin in the past month.

Arkham data shows that Bhutan still holds 12,206 Bitcoin, currently worth nearly $1.11 billion. These assets are managed by Druk Holding & Investments. The government appears to capitalize on price surges, selling portions of its holdings during market rallies.

Bhutan ranks as the fifth-largest government holder of Bitcoin, trailing the United States, China, the United Kingdom, and Ukraine. Unlike other nations, which often acquire Bitcoin through asset seizures, Bhutan mines its Bitcoin, leveraging its hydroelectric resources.

Governments Continue to Benefit From the Market Rally

Much like Bhutan, several governments are looking to reap economic benefits from their Bitcoin reserves in the current market rally. El Salvador is leveraging the Bitcoin surge to buy back its nationa

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Author: Mohammad Shahid