Bhutan Sells $900M in Bitcoin Over 11 Months at Average Price of $98K, On-Chain Data Shows

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Bhutan Sells $900M in Bitcoin Over 11 Months at Average Price of $98K, On-Chain Data Shows

The Royal Government of Bhutan has gradually sold approximately 9,180 Bitcoin (BTC) over the past 11 months, generating around $900 million in proceeds, according to on-chain data tracked by blockchain analytics firm EmberCN. The average selling price across these transactions was calculated to be roughly $98,067 per Bitcoin.

Timeline of Bhutan’s Bitcoin Sales

Data from EmberCN reveals that Bhutan’s Bitcoin holdings peaked at roughly 12,200 BTC in early 2025, coinciding with the cessation of the country’s state-backed mining operations. The government reportedly began its divestment process in earnest in June of the same year, executing a series of transactions over the subsequent months.

Current Holdings and Market Context

As of the latest on-chain data, the Bhutanese government holds approximately 3,021 BTC, valued at around $234 million at current market prices. This sale represents a significant reduction from the country’s peak holdings and provides a rare window into how a sovereign nation manages a large, publicly known cryptocurrency reserve. The average sale price of $98,067 is notable, as it is below Bitcoin’s all-time high, but still represents a substantial profit relative to the likely acquisition costs from mining operations.

Implications for the Crypto Market

Bhutan’s systematic sale of a large Bitcoin position over an extended period offers several key takeaways for market observers. First, the gradual nature of the sales likely minimized market impact, preventing a sharp price decline that a single large dump could cause. Second, the move provides a case study for other nations or institutions holding significant crypto assets, demonstrating a methodical approach to liquidation. Finally, the fact that the sales were tracked via on-chain data highlights the transparency of the Bitcoin blockchain, allowing for public verification of government transactions.

Conclusion

Bhutan’s $900 million Bitcoin sale, executed at an average price of $98,067 over 11 months, marks a significant chapter in the country’s foray into digital assets. While the government has substantially reduced its holdings, it still retains over 3,000 BTC. The methodical, publicly traceable nature of these transactions provides valuable data for analysts and underscores the unique transparency of on-chain markets.

FAQs

Q1: How much Bitcoin did Bhutan sell?
A1: According to on-chain data from EmberCN, Bhutan sold approximately 9,180 BTC over 11 months.

Q2: What was the average price Bhutan received for its Bitcoin?
A2: The average selling price across all transactions was calculated to be around $98,067 per Bitcoin.

Q3: How much Bitcoin does Bhutan still hold?
A3: As of the latest data, the Bhutanese government holds about 3,021 BTC, valued at approximately $234 million.

This post Bhutan Sells $900M in Bitcoin Over 11 Months at Average Price of $98K, On-Chain Data Shows first appeared on BitcoinWorld.