The Royal Government of Bhutan recently sold 367 Bitcoins worth approximately $33.5 million through Binance.
According to data from Arkham Intelligence, the transaction occurred on Thursday morning when the Bitcoin price exceeded $90,000. Subsequently, Bitcoin fell more than 3% to $87,000.
Bhutan Still Holds $1.1 Billion in Bitcoin
Bhutan had previously sold $66 million worth of Bitcoin when BTC reached $70,000 two weeks ago. Combined, Bhutan has disposed of nearly $100 million worth of Bitcoin over the past month.
According to Arkham Intelligence data, Bhutan currently holds 12,206 Bitcoins worth approximately $1.11 billion. These assets are managed by Druk Holding & Investments. The government appears to be selling a portion of its holdings during the bull market to capitalize on the price appreciation.
Bhutan ranks fifth among governments in terms of Bitcoin holdings, after the United States, China, the United Kingdom, and Ukraine. Unlike other countries that have acquired Bitcoin through asset seizures, Bhutan mines Bitcoin using its hydroelectric power resources.
Governments Profiting from the Cryptocurrency Bull Run
Similar to Bhutan, several governments are currently seeking to profit economically from their Bitcoin holdings during the market rally. El Salvador is using the Bitcoin surge to repay its national debt.
In 2021, El Salvador became the first country to adopt Bitcoin as legal tender. Since then, the country's BTC holdings have grown to over $515 million. Recently, it raised $16 billion to fund the construction of its first Bitcoin City.
This year, Bitcoin has seen rapid mainstream adoption. The approval of a Bitcoin ETF in January has driven significant retail investment in cryptocurrencies. Additionally, there have been notable regulatory changes in the United States following Donald Trump's re-election.
This morning, U.S. Republican Senator Lummis proposed a bill to sell the Federal Reserve's gold and purchase 1 million BTC to increase the government's Bitcoin holdings.
The state of Pennsylvania has also introduced a Bitcoin reserve bill. The state proposes to allocate 10% of its funds to Bitcoin purchases to hedge against inflation and diversify its investments.
