Bhutan Moves $12M in BTC to Binance, Extends 513 BTC Sell Spree

Bhutan is on a selling streak. On July 14, its sovereign wealth fund moved another 99.47 BTC, worth around $12.05 million, to Binance. This marks the sixth transfer in just four days. The Royal Government has now sold a total of 512.84 BTC, valued at roughly $59.5 million, in that span.

The transactions, tracked via Arkham Intelligence, show steady outflows since July 10. Bhutan’s biggest transfer came on July 10, with 208.56 BTC moved in one go. Two smaller batches, under 3 BTC each, were also recorded that day. The pace hasn’t slowed since.

A Bitcoin Treasury Still Intact

Despite the steady selling, Bhutan still holds a substantial BTC reserve. Druk Holding and Investments (DHI), the government’s wealth arm, retains 11,411 BTC. At current market prices, that’s nearly $1.4 billion. The country isn’t emptying its vaults. But it is actively managing them.

Over the past year, Bhutan sold 2,262 BTC in six major batches. These moves brought in over $200 million, with an average selling price of $88,612. Notably, Bhutan seems to have timed its recent sales better than some others.

Germany’s $3B Miss Offers Context

Bhutan’s strategy stands in contrast to Germany’s. From June 19 to July 12, 2024, Germany offloaded all 49,858 of its BTC holdings, worth $2.87 billion at the time. That same stash is now worth $5.9 billion. In hindsight, Germany lost out on a $3 billion profit.

Bhutan’s BTC average is far more favorable. Selling into strength while still holding a large reserve could give Bhutan more flexibility in future market cycles.

From Secret Stash to Strategic Treasury

In June, the Wall Street Journal reported that Bhutan had quietly mined Bitcoin since 2020. Five years later, its stash accounted for nearly 40% of the nation’s GDP. Bhutan now ranks as the third-largest Bitcoin holder globally, behind only the U.S. and China.

Unlike most small nations, Bhutan entered the Bitcoin space through direct mining. The country’s hydroelectric power gave it a clean and cheap edge. That early lead may now be turning into policy-level treasury management.

Managing Risk, Not Abandoning Crypto

Bhutan’s recent sell-off doesn’t signal panic. It appears more like rebalancing. With Bitcoin pushing new highs in 2025, partial profit-taking makes sense, especially for a nation using BTC to support development and public investment.

The exact motivation behind each transaction remains unconfirmed. But the pattern is clear. Bhutan is actively reshaping its crypto reserves while still keeping a sizeable treasury intact. In a year of nation-state crypto pivots, Bhutan’s strategy is attracting fresh attention. It shows how even smaller countries can play in the big leagues if they act early, manage wisely, and stay transparent. The next moves from Druk Holding will likely be watched even more closely.