Bhutan Transfers $11.8M in Bitcoin for Possible Sale: Arkham
Bhutan moved $11.8M in BTC, potentially for sale, following a pattern of periodic sales managed by its sovereign wealth fund.Summary
Bhutan, a significant national Bitcoin holder, recently transferred 175 Bitcoin (worth $11.85 million) from its main holding address. Blockchain analytics firm Arkham indicates this move mirrors previous activity, including a $7 million sale in February with QCP Capital. Bhutan periodically sells Bitcoin in amounts of $5-10 million, with heavier selling periods observed in the past. As of Monday, Bhutan’s holdings are estimated at around 5,400 Bitcoin, ranking seventh among countries. The country initially accumulated Bitcoin through hydroelectric-powered mining operations starting in 2019, utilizing surplus energy. Proceeds from these sales have been used to fund healthcare, environmental initiatives, and public servant salaries.
(Source：Cointelegraph)