The Royal Government of Bhutan recently sold 367 bitcoins, worth an estimated $33.5 million, via the Binance exchange. Data from Arkham Intelligence shows the sale took place on Thursday morning when the price of bitcoin topped $90,000. Since then, bitcoin has fallen more than 3% to $87,000.
Bhutan Remains Largest Government Holder of Bitcoin
The sale comes after a $66 million Bitcoin sale two weeks ago, which was executed when BTC hit $70,000. Combined, Bhutan has liquidated nearly $100 million worth of Bitcoin in the past month.
Data from Arkham shows that Bhutan still holds 12,206 bitcoins, worth roughly $1.11 billion. The assets are managed by Druk Holdings & Investments. The government appears to be taking advantage of price spikes by selling off portions of its holdings during market rallies.
Bhutan is the fifth largest government holding Bitcoin, behind the United States, China, the United Kingdom, and Ukraine. Unlike other countries that often acquire Bitcoin through asset confiscation, Bhutan mines its Bitcoin, taking advantage of its hydroelectric resources.
