Bhutan’s Royal Bitcoin Fire Sale: $60 Million BTC Dump Shakes Market

Another sovereign crypto experiment hits the skids as Bhutan liquidates its Bitcoin crown jewels.

The Himalayan kingdom offloaded $60 million worth of BTC this week—just in time to miss the next bull run, naturally. Because nothing says 'long-term hodl strategy' like panic-selling at institutional scale.

While the royal treasury hasn't confirmed whether this was profit-taking or damage control, the move raises eyebrows. After all, this is the same nation that reportedly mined Bitcoin using hydropower while positioning itself as a crypto paradise.

Market watchers are now speculating whether this signals broader sovereign cold feet—or if Bhutan's simply cashing out to fund another round of Gross National Happiness surveys. Either way, the dragons aren't the only thing breathing fire in Thimphu tonight.

Strategic Profit Taking

Based on reports tied to its sovereign investment arm, Bhutan’s wallet sent six separate bitcoin transfers to Binance during that period.

One single transfer moved 208.56 BTC—about $23.18 million—while others involved 100 BTC, 99 BTC, and smaller chunks. Those sales total $59.47 million, according to Lookonchain’s figures. It looks like the government timed its sales to match Bitcoin’s push into new highs.

The Royal Government of #Bhutan has been accelerating its $BTC sales!

In the past 4 days alone, #Bhutan sold 512.84 $BTC($59.47M) — selling every day.

They still hold 11,411 $BTC($1.4B).https://t.co/hiNf1ySQhUhttps://t.co/dcqekOeedc pic.twitter.com/b3cQy0ryk8

— Lookonchain (@lookonchain) July 14, 2025

Strong Remaining Holdings

Despite those outflows, Bhutan hasn’t given up on crypto. It still holds 11,411 BTC, valued at roughly $1.4 billion at current prices.

According to Arkham’s tracking dashboard, the country’s crypto treasury went from $1.29 billion last week to $1.37 billion by July 14—a jump of $73.33 million in just seven days.

Part of that gain came from a 12.4% intra‑week Bitcoin price rise, which saw the coin climb from $108,000 to $122,000.

The government’s Ethereum pile remains at 656 ETH, worth about $1.93 million today. While the quantity of ETH hasn’t changed in the past week, an 18% boost in ETH price has lifted the value of that holding.

News of this has stirred talk about how small changes in a big portfolio can still MOVE the needle when markets run hot.

According to reports, Bhutan’s wallet holdings ROSE from $1.26 billion to $1.30 billion between July 3 and July 10—even after it transferred 213 BTC (worth close to $24 million) to Binance.

Those figures suggest the government is actively managing its crypto stash, trimming exposure when prices spike but letting gains pile up when markets rally.

Bitcoin spent weeks consolidating between $105,000 and $108,000 before blasting past $121,000 on July 13. That same day, Bhutan off‑loaded the $23 million stash.

Around that time, the US slapped new 30% tariffs on the EU and Mexico—moves that might have hurt risk assets in past cycles. Yet Bitcoin shrugged off the news and vaulted to $122,400 on Coinbase.

Featured image from Luxury Travel Magazine, chart from TradingView