"Bhutan sells portions of its Bitcoin in clips of ~$5-10 million, and sold ~3500 BTC mid-late September 2025. Bhutan’s outbound transfer volume has also started to increase in recent weeks, with the state appearing to reduce its holdings by about 1700 BTC since the start of the year," Arkham intelligence stated.
By leveraging surplus hydroelectric power from its glacial rivers, the country amassed as much as 13,000 BTC. However, consistent selling over the past two years has whittled those holdings down to approximately 4,300 BTC, currently valued at nearly $300 million.
Analysts suggest the proceeds are being directed toward major national infrastructure projects, specifically the Gelephu Mindfulness City—a planned special administrative region.
The government previously pledged to allocate 10,000 BTC to the project, though current liquidation levels suggest the fund may be drawing from those reserves to finance early-stage construction.
Analysts suggest the proceeds are being directed toward major national infrastructure projects, specifically the Gelephu Mindfulness City—a planned special administrative region.
Dorjilung Project (2026): Bhutan's largest PPP hydropower project received an $815 million financing package from the World Bank Group involving IDA, IBRD, and IFC.
Good for them on the development debt. But why sell so much BTC?
Good for them on the development debt. But why sell so much BTC?
Apart from interest on loans, "development debt" from the IMF or World Bank come with other strings attached such as "Structural Adjustment Programs," aka. prescribed consultation to change your economy.
Usually, they'd have to agree to resource extraction contracts, extracting and exporting more and at favorable conditions for the nominated (by the bank) counterparts.
Fantastic no loans needed!!!
The IMF must be seething. Let's see what they can come up with to
intervenehelp in a timely manner.Fair play to Bhutan, they didn't buy any Bitcoin they just mined it using their hydro electric power
Sold to invest in the country
Can switch the miners back on anytime and start stacking again
Looks like they sold the toppish too, Kudos to them 👏
Based Cyber-Shangri-La. Still 4,300 more than Germany.
Decent timing in fairness if fiat accumulation is your aim.
Good for them on the development debt. But why sell so much BTC?
Apart from interest on loans, "development debt" from the IMF or World Bank come with other strings attached such as "Structural Adjustment Programs," aka. prescribed consultation to change your economy.
Usually, they'd have to agree to resource extraction contracts, extracting and exporting more and at favorable conditions for the nominated (by the bank) counterparts.
I doubt it's so simple. I just imagine it's a far from perfect market. So then I wonder where are the imperfections.
there is something biological about humans to buy (or mine) high and sell low
why? it's a mystery!