Bhutan moves $45 million worth of Bitcoin in two days

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.