The Royal Government of Bhutan continues to strategically use its Bitcoin assets. On December 10, the government sent 502 Bitcoins, or approximately $49.42 million, to two platforms, Binance and QCP Capital. Blockchain tracking service Arkham Intelligence says this is the most recent sale planned to maximize profits by taking advantage of changes in the market.
Bhutan sent 402 Bitcoins, worth $39.56 million, to Singapore-based QCP Capital in four separate transfers. Shortly after, Binance received an additional 100 coins, worth $9.81 million. This is the latest in a series of such agreements that began in October. During this period, Bhutan sold a total of 1,696 BTC and earned $139 million, with each crypto unit selling for an average of $81,999.
A record Bitcoin sale in November
On November 14, 2024, Bhutan completed a major sale through Binance, offloading 367 BTC for approximately $33.5 million. At the same time, alpha coin reached an intraday high of over $90,000. This transaction was one of the Bhutanese government’s most lucrative decisions, according to Arkham Intelligence, demonstrating its skill at market timing.
Source: Arkham Intelligence
Bhutan still holds a significant amount of Bitcoin – 11,688 BTC, or more than $1.15 billion – despite these recent sales. Along with the United States, China, the United Kingdom and Ukraine, the Himalayan monarchy is now among the top five countries in the world in terms of cryptocurrency ownership.
Take advantage of the bull market
The current bull market has allowed countries like Bhutan and El Salvador to use cryptocurrency for commercial purposes. El Salvador, for example, took advantage of the rising price of Bitcoin to finance construction projects like its ambitious Bitcoin City and to get rid of its debt. Although not as well known, Bhutan’s approach also focuses on using cryptocurrency as part of larger economic plans.
Market dynamics and future outlook
Bhutan’s deals coincide with a broader market slowdown in terms of timing. Bitcoin just fell below the psychological $100,000 mark, dropping as low as $94,350 before rising back to around $97,000. Analysts believe that after Bitcoin’s significant gain, this drop is a normal correction.
Bhutan’s approach to reserve management emphasizes how governments can deliberately take advantage of market developments. Bhutan shows how countries can include digital assets in their economic plans by matching their sales to periods of high demand and peak prices.
This calculated use of Bitcoin reserves not only generates significant revenue, but also highlights the growing importance of digital assets in global financial institutions. Bhutan’s measures could serve as a model for other governments trying to trade this erratic but profitable environment as the crypto market grows.
Featured image from Business 360, chart from TradingView
