Bhutan Outsmarts the Market: Bitcoin Sold at $87K Peak as Germany Leaves $2.67B on the Table

While Germany's treasury fumbles the crypto bag, Bhutan plays 4D chess with its Bitcoin reserves.

Timing is everything—and someone forgot to tell Berlin.

The Himalayan kingdom cashed out at the perfect moment, locking in an average sale price of $87K per BTC. Meanwhile, Germany's hesitation turned what could've been a multibillion-dollar profit into a masterclass in bureaucratic dithering.

Lesson for institutional players? Sometimes the 'safe' move is the riskiest one of all.

With Bitcoin prices rising impressively in mid-2025, at $111,170, new information reveals a strange difference in the moves of crypto selling between two governments, Bhutan and Germany. 

The Royal Government of #Bhutan is way better at selling $BTC than the #German government.

From June 19 to July 12, 2024, the #German government sold 49,858 $BTC($2.87B) at an average price of $57,600, which are now worth $5.54B — missing out on $2.67B in profits!

The Royal… pic.twitter.com/bsdumFTtLJ

The Royal Government of Bhutan actually outperformed the German government in terms of the sale of Bitcoins earning it much better returns since it had calculated its timing in the market much more effectively than the German government did.

Bhutan Executes High-Value Bitcoin Sales

During the previous 12 months, the Royal Government of Bhutan has been able to sell 2,162 bitcoins worth $188.65 million. Remarkably, Bhutan was able to sell its BTCs at an average price of 87,249 dollars per BTC in five different transactions. These sales happened during a time of stable market growth, which is a sign of accurate and opportune delivery by the Bhutanese administration.

This strategy is further confirmed by the price chart of bitcoin on CoinGecko, which reveals that the transactions in Bhutan aligned with numerous bull runs and price highs including one close to the current range of $111K. This is an indication that Bhutan managed to use market momentum as well as maintain the selling discipline.

Germany Sells Early, Misses Out on Billions

In sharp contrast German government sold 49,858 BTC, which translates to 2.87B dollars, between June 19 and July 12, 2024, on average of 57,600 dollars per coin. 

The same BTC stash today WOULD be worth about 5.54 billion dollars at its current prices, and that means a missed profit of 2.67 billion dollars on unrealised gains.

One of the most important facts observable in The Graph is the time of Germany’s BTC liquidation. The red note indicates that Germany dumped its Bitcoin at the last minute before a significant price spike when Bitcoin was just below the value of $57K. That sell-off was then followed by a lengthy bull run.

Conclusion

This stark difference in the approach toward crypto by national governments points to the ever-increasing significance of time and implementation in the institutionalized Bitcoin sale. 

The slow and gradual approach that Bhutan has applied has proven to be quite profitable, whereas the consequences of selling out early have resulted in billions of lost returns to Germany. 

With BTC reaching new all-time highs, both governments and institutions might want to reconsider their approaches to dealing with digital assets.