The Royal Government of Bhutan, which became one of the first sovereign Bitcoin miners by using surplus hydroelectric power, has moved 643 BTC worth over $45 million to external wallets over the past two days, according to Arkham Intel data.
Bhutan once held more than 13,000 BTC and now appears to be systematically converting its digital reserves into capital.
Bitcoin traded at $66,500 at press time, down 4% in the last 24 hours, per TradingView.
Despite recent Bitcoin sales, Druk Holdings, the investment arm of the Bhutanese government, still holds 4,329 BTC, worth more than $290 million. This keeps Bhutan among the world’s leading governments in terms of digital asset holdings.
The US continues to dominate global government Bitcoin holdings, controlling over 328,000 BTC valued at $22 billion, a growth fueled by last October’s landmark seizure of 127,271 BTC.
The case involving the Prince Group, a Cambodian-based transnational criminal organization accused of large-scale investment scams and human trafficking, has sparked international controversy, with China claiming the Bitcoin stash originated from a 2020 theft of mining assets linked to its firms, including LuBian, which has ties to Iran.