The Royal Government of Bhutan transferred 319.7 bitcoin, worth approximately $22.7 million, to wallets linked with exchange activity, extending a multi-year trend of liquidating its sovereign crypto holdings. Bitcoin was trading at approximately $70,900 at the time of the transfer.

The transaction, flagged by on-chain analysts, moved the funds into two destinations: one new wallet suspected of being a fresh exchange deposit address and a second, older wallet previously associated with selling funds through OKX or Galaxy Digital, according to the input data.

The transfer is part of a consistent drawdown from Bhutan’s national treasury. The country has sold 3,103 BTC in recent quarters, according to data in Web Search Result [1], reducing its holdings from a peak of over 13,000 BTC in October 2024. This latest move suggests the kingdom’s strategy of using bitcoin as a liquid reserve to be sold opportunistically continues.

This sale reflects a wider trend where large corporate and sovereign holders are turning bitcoin reserves into working capital. Publicly traded bitcoin miners like Riot Platforms, MARA Holdings, and Genius Group have collectively sold more than 15,000 BTC to redirect capital toward infrastructure and diversification efforts, such as Riot's expansion into high-performance computing.

A Broader Shift in Strategy

The activity from sovereign and corporate treasuries marks a strategic pivot from holding bitcoin as a long-term, passive balance sheet asset to deploying it as a source of funding. For Bhutan, which built its holdings through state-backed mining operations, the sales provide non-debt financing for national projects. For miners, liquidating holdings allows them to fund operations and expansion, especially as rising energy costs pressure margins.

While significant, the selling from entities like Bhutan and public miners has been absorbed by the market. Public companies still hold about 1.16 million BTC, representing over 5% of bitcoin’s total supply, according to BitcoinTreasuries.net. The key support level for bitcoin remains around $67,000, with resistance near $72,000.

This article is for informational purposes only and does not constitute investment advice.