Just over a month ago, News revealed that Bhutan’s sovereign investment arm, Druk Holding and Investments (DHI), had transferred 600 BTC, with its reserves sitting at 10,070 BTC. Since then, the Himalayan kingdom has quietly sold off another 2,584 BTC—valued at around \$248 million.
Shrinking Crypto Reserves in the Land of the Thunder Dragon
As of late April, Bhutan—then the world’s fourth-largest state-level holder of Bitcoin—began reducing its digital cache. Data from Arkham Intelligence recorded the country’s holdings at 10,070 BTC on March 24. Today, that number stands at 7,486 BTC, worth roughly \$720 million. The entire reduction happened over 40 days.
Interestingly, each BTC from the recent transactions was moved to separate, anonymous wallets. Bhutan remains unique among nations for having mined all its Bitcoin holdings rather than acquiring them through purchases. While some of the recent crypto sales may be reinvested into expanding its mining infrastructure, Prime Minister Tshering Tobgay has noted that the proceeds also support public sector wage adjustments and healthcare initiatives.
Bhutan Silent on Bitcoin Reduction, Still Ahead of El Salvador in Holdings
Despite a significant drawdown in April, neither Bhutanese authorities nor Druk Holding and Investments (DHI)—the nation’s state-owned investment entity overseeing its bitcoin portfolio—have made any official statements about the move. Nevertheless, Bhutan maintains its position as the fourth-largest sovereign holder of Bitcoin, still ahead of El Salvador.
At present, the United States tops the list with 198,012 BTC, followed by the United Kingdom with 61,245 BTC. North Korea, through its infamous Lazarus Group—linked to government-backed cyber operations—holds third place with 8,358 BTC, slightly edging out Bhutan’s 7,486 BTC.
El Salvador comes in fifth with 6,166 BTC, steadily increasing its stash through a daily 1 BTC buying strategy. Notably, the UK differs from its peers, having not aligned its holdings with any defined long-term national crypto strategy.
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