Bhutan Sells 350.74 BTC for $38.5 Million Amid Bitcoin Price Surge

Bhutan, a small landlocked country in South Asia, has made significant strides in the world of cryptocurrency, particularly with Bitcoin. The Kingdom of Bhutan transferred over $38.5 million in Bitcoin to Binance, strategically selling 350.74 BTC across 10 days as prices hit all-time highs. This move has sparked global debate about whether it is a sell-off or a masterclass in digital asset strategy. Despite the sale, Bhutan remains one of the largest sovereign holders of Bitcoin, with 11,711 BTC worth $1.3 billion still in reserve, signaling a long-term commitment to the digital currency.

Bhutan's involvement in Bitcoin began in earnest in 2019 when the country started mining or acquiring more than 13,000 BTC. The nation's ample hydroelectric power has been a significant factor in this endeavor, allowing for power-efficient mining operations. In 2023, Bhutan partnered with Singapore’s Bitdeer to create a 600-megawatt mining center in Gedu, which has become a large contributor to the country's national crypto reserves and also exports hash power to the global market. This strategic move has positioned Bhutan as a leader in green development through cryptocurrency.

Recent on-chain data reveals that Bhutan is not only holding but actively managing its crypto portfolio. Between July 3 and July 10, 2025, Bhutan's overall portfolio value jumped from $1.26 billion to $1.304 billion, driven by Bitcoin’s rally. Despite transferring over 213 BTC worth $23.73 million to Binance during that period, the total holding remained the same, indicating internal wallet reshuffling or freshly mined assets. This strategic management aligns with four identifiable motives: profit-taking at all-time highs, funding national projects, treasury diversification and liquidity, and preparing for blockchain ecosystem development.

Bhutan's actions are not driven by panic but by market intelligence and strategizing. The country's digital gold is reinvested into infrastructure, education, and healthcare initiatives, making it one of the few nations using cryptocurrency as an operational asset. By moving BTC onto Binance, Bhutan is hedging itself, allowing for reallocation into BTC or making a stablecoin or fiat hedge with perpetual contracts to remove the risk of market fluctuations. This model of treasury management is crucial as crypto accounts for more than 40% of the size of Bhutan’s GDP.

Bhutan is also building an ecosystem around cryptocurrency. The country has launched crypto tourism pilot programs through partnerships with Binance Pay and DK Bank, allowing over 100 local merchants to accept digital payments. Additionally, Gelephu Mindfulness City, a new economic zone, is incorporating BTC, ETH, and BNB into its official reserves. These initiatives suggest that Bhutan's crypto sales could be fueling the foundational infrastructure for this next-gen smart region.

The sale of Bitcoin was executed strategically, with transactions spread out over several days. The largest transaction, worth $23.18 million, landed just two hours before the market’s daily close. This pattern has been ongoing since June, with Bhutan selling at least 1,696 BTC at an average of $81,999, capitalizing on rallies and converting gains. Despite these sales, Bhutan still holds 11,711 BTC, placing it just behind the U.S., China, and the U.K. in sovereign crypto rankings. This retention confirms that Bhutan is not exiting crypto but evolving how it uses it.

Bhutan's approach to cryptocurrency stands in contrast to other nations. While Germany sold nearly 49,858 BTC at $53,000, incurring a $2 billion opportunity loss, and El Salvador has pledged never to sell, Bhutan's model of mining, holding, and selling selectively treats Bitcoin as both a long-term reserve and an active funding tool. This strategy could serve as a blueprint for smaller nations looking to enter the digital economy without risking financial stability.

Looking ahead, Bhutan's strategy is far from over. The country may continue selling at price peaks, especially if BTC approaches the $120K–150K range. Additionally, Bhutan could expand blockchain-powered services like tourism payments, digital identity, and government finance. Global collaboration with crypto firms looking for green mining partners or regulatory sandboxes is also a possibility. Bhutan may soon become a regional crypto hub, offering a rare blend of regulatory stability, clean energy, and forward-looking policy.