Bhutan is cashing in on crypto, again.
The tiny Himalayan nation accelerated sales from its crypto treasury and offloaded over 512.84 bitcoin (BTC), worth $59.47 million, in the past four days, according to blockchain tracking platform Lookonchain, as BTC soared to over $123,000.
Bhutan still holds 11,411 BTC even after this round of selling, a stack currently valued at over $1.4 billion, per Lookonchain.
Unlike Germany — which sold nearly 50,000 BTC it had earlier seized into a rising market last year — Bhutan’s BTC holdings come from its state-backed mining activities and officials tend to sell holdings whenever prices rally.
Much of this strategy is executed via Druk Holding & Investments (DHI), the nation’s sovereign wealth fund, which began mining Bitcoin by utilizing the country’s abundant hydropower.
As such, the government has committed to clean mining practices and is developing crypto-forward infrastructure projects like Gelephu Mindfulness City in partnership with firms like Bitdeer.
Read more: Bhutan Bets on Binance Pay to Power Crypto-Backed Tourism Economy
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