Bhutan’s Royal Government Shifts $60M Bitcoin to Cobo – Liquidation Move Ahead?

Bhutan's crypto treasury makes a power play—$60 million in Bitcoin just hit the custody rails at institutional vault Cobo. Is the Himalayan kingdom cashing out, or playing chess while others play checkers?

Subheader: Sovereign Bitcoin shuffle sparks sell-off rumors

The move follows a brutal crypto winter that turned many 'HODL' promises into liquidated relics. While traditional finance scrambles to price ETFs, Bhutan's timing raises eyebrows—either a masterstroke or another government learning market cycles the hard way.

Closing hook: One thing's certain—when nation-states start moving coins, retail wallets better buckle up. (And no, your 0.0001 BTC 'bag' doesn't count as geopolitical strategy.)

Is Bhutan still mining BTC?

The balance of all of Bhutan’s wallets has declined slightly from its peak. However, the top wallets no longer show the regular daily inflows of BTC. Mining remains highly competitive even for powerful data centers. For hydroelectric miners, the dry season may also be an issue, as reliable energy is not available. At this point, the hashrate of Bhutan has not been announced. 

The last reward received from the Foundry pool dates back from nine months ago. Bhutan now holds 10,769 BTC, just behind North Korea with 13,562 BTC based on blockchain tracking. At the peak, Bhutan held around 13,350 BTC, selling some at prices starting above $90,000. 

The lack of new inflows or a rising balance of the country’s treasury suggests mining may be off the table for a few months. Bhutan started mining back in 2019, but only confirmed its reserves after a few years. The BTC treasury at its highest point made up 40% of the country’s GDP.

Even with no mining, Bhutan has made most of the treasury’s value by waiting for years, selling only a few hundred BTC at local market peaks. 

Royal Government of Bhutan may attempt to rebuy BTC

The balances of Bhutan do not remain passive. At one point in May, balances decreased to under 8,000 BTC. 

Later, more coins were added, with signs of re-buying attempted at a lower price. The country’s reserves are big enough to produce short-term gains if some of the coins enter active trading. 

In the past month, the country moved a total of 650 BTC, with over $74M in proceeds from Binance. Other transfers suggest the country may have re-bought some of the coins during the dip. 

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