Bhutan Sells $72.3M in Bitcoin Amid Market Downturn
- Bhutan transferred over $72.3 million worth of Bitcoin (BTC) in the last 24 hours, moving more than 973 BTC across six transactions.
- The state-owned investment company, Druk Holding and Investments (DHI), also moved an additional $11.8 million in BTC on March 10.
- Currently, Bhutan holds over 4,400 BTC, valued at approximately $322 million at current market prices.
- Since its peak of about 13,295 BTC in October, Bhutan has been selling portions of its reserve amid a prolonged crypto market downturn.
- Wallets controlled by Bhutan have not seen inflows exceeding $100 million for over a year, indicating potential curtailment of mining operations.
The Kingdom of Bhutan has adopted a national Bitcoin Development Pledge to support long-term economic growth through its crypto assets and mining initiatives. This recent sale is part of a broader strategy to manage its holdings effectively during challenging market conditions.
With the recent transfer of over $72 million in Bitcoin, Bhutan continues to adjust its crypto strategy following significant declines from its previous all-time high holdings.(Source)
