Catenaa, Monday, December 16, 2024 – The Royal Government of Bhutan had transferred 402 Bitcoin (BTC), valued at $39.56 million, to QCP Capital on December 9, according to blockchain analytics firm SpotOnChain.
This marks the latest in a series of transactions as the government continues selling its Bitcoin reserves.
Since October, Bhutan has moved 1,696 BTC worth $139 million, leveraging Binance and QCP Capital for sales at an average price of $81,999 per Bitcoin.
Recent transactions suggest an active strategy to capitalize on Bitcoin’s price surge, although the government has not disclosed its motivations. Deposits to exchanges are often linked to plans for liquidation.
The Himalayan nation, renowned for its hydroelectric mining operations, has amassed approximately 11,700 BTC across seven wallets, valued at $1.15 billion.
These holdings, managed by Druk Holding & Investments (DHI), place Bhutan as the world’s fourth-largest government Bitcoin holder. Bitcoin now accounts for 26.9% of Bhutan’s $2.9 billion GDP, per World Bank estimates.
Bhutan initiated Bitcoin mining in April 2019, leveraging its abundant hydroelectric resources when Bitcoin was priced at $5,000. The nation continues to expand its crypto footprint, with plans to increase its mining capacity to 600 megawatts by 2025.
In addition to mining, Bhutan has embraced financial innovations, including a 2021 partnership with Ripple to explore a digital version of its national currency. These efforts align with the country’s aim to enhance digital payments and promote financial inclusion.
Bhutan’s latest Bitcoin transfer underscores its evolving role in the global crypto market, balancing mining, trading, and financial innovation.
