The Royal Government of Bhutan has accelerated its Bitcoin sales, selling 512.84 BTC valued at $59.47 million over the past four days, according to on-chain analytics from Lookonchain. The move represents a shift from the nation’s earlier accumulation strategy of 12,568 BTC, mined through state-owned Druk Holdings using hydropower.
As of Monday, Bhutan retains 11,411 BTC worth approximately $1.4 billion, representing about 40% of the country’s gross domestic product, according to blockchain intelligence firm Arkham.
The accelerated sales have generated online debate, with some social media users suggesting Bhutan diversify into alternative cryptocurrencies to reduce exposure to Bitcoin‘s volatility.
The sales contrast with Germany’s 2024 disposal of 49,858 BTC at an average price of $57,600, a decision that cost the nation a potential $2.3 billion profit as Bitcoin’s value surged to $118,000 by July 2025. A 2023 report in the Journal of Risk and Financial Management warned that small nations like Bhutan face heightened risks from centralized asset sales in volatile markets.
Bhutan’s cryptocurrency strategy, initially supported by its carbon-negative status and landlocked geography, has positioned it as a unique player in the global digital asset landscape. However, the recent sales raise questions about the nation’s economic reliance on cryptocurrencies.
The government has not immediately responded to requests for comment regarding the accelerated sales strategy.
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