Bhutan Sells $59M in Bitcoin as Prices Surge, Retains Over $1.4B in Reserves

Bhutan is once again tapping its crypto reserves, seizing the moment as bitcoin prices soar.

Over the past four days, the Himalayan kingdom sold 512.84 bitcoin (BTC) worth approximately $59.47 million, according to data from blockchain analytics platform Lookonchain. The sales coincided with bitcoin’s rally beyond $123,000.

Despite the recent liquidation, Bhutan still holds a significant stash of 11,411 BTC, valued at over $1.4 billion at current market prices.

“The Royal Government of #Bhutan has been accelerating its $BTC sales! In the past 4 days alone, #Bhutan sold 512.84 $BTC ($59.47M)—selling every day. They still hold 11,411 $BTC ($1.4B).”
— Lookonchain (@lookonchain), July 14, 2025

Unlike Germany, which offloaded nearly 50,000 BTC seized from criminal activity into last year’s market rally, Bhutan’s bitcoin reserves originate from state-backed mining operations. Officials have frequently opted to sell portions of their holdings during price spikes to capture profits.

This strategy is primarily managed through Druk Holding & Investments (DHI), the country’s sovereign wealth fund. Bhutan began mining bitcoin by harnessing its plentiful hydropower resources, enabling a clean-energy approach to crypto production.

In line with its broader vision, the government is pursuing crypto-forward projects, including the development of Gelephu Mindfulness City, in collaboration with companies like Bitdeer.