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The Himalayan kingdom of Bhutan has transferred another 250 BTC (approximately $18.5 million) from its state treasury. This is the sixth major outflow in 2026.
Figures:
- Last transaction: 250 BTC (approximately $18.46M)
- Total sales in 2026: 3,247 BTC (approximately $240.4M)
- Remaining reserves: approximately 3,524 BTC (approximately $261M)
- Drop from peak: 73% (13,000 BTC → 3,524 BTC)
Bhutan had become one of the world's largest state holders of BTC through hydroelectric mining via Druk Holding. There has been no new production for the past year, only gradual selling.
The sales are not panic-driven, but rather planned treasury management: funds are being redirected to infrastructure projects such as Gelephu Mindfulness City. By selling in small increments ($5-10M), they are minimizing market impact.
Market implications: government sales are creating supply pressure, but Bhutan's remaining stock is now limited. A 70% reduction from the 2024 peak is nearing completion — which could mean government-driven selling pressure will ease in the coming months.
$BTC