Bhutan Sold $22.4M in Bitcoin Amid Portfolio Decline of Over 70%
Bhutan recently sold $22.4 million in Bitcoin, continuing liquidations as its crypto portfolio dropped over 70% from its $1.4 billion peak.Summary
Bhutan's sovereign investment arm, Druk Holding Investments (DHI), moved $22.4 million in Bitcoin out of its wallets, including a direct sale of 100.82 BTC to institutional market maker QCP Capital. This action continues a pattern of periodic liquidations that began when Bhutan started mining and holding Bitcoin in 2019, leveraging its abundant hydroelectric power. However, the nation's crypto portfolio has significantly declined, falling from a peak valuation of $1.4 billion to approximately $412 million, a drop of over 70%, due to sales and market depreciation. The recent sale to a market maker suggests a strategic liquidation to minimize market impact. The profitability of Bhutan's mining operation was significantly impacted by the 2024 Bitcoin halving, which doubled mining costs, likely prompting the nation to monetize reserves rather than continue energy-intensive mining at lower returns.
(Source：BeInCrypto)