About 40 days ago, Bitcoin.com News revealed that the Royal Government of Bhutan had moved 600 btc via Druk Holding and Investments (DHI) and held a balance of 10,070 btc at the time. Since that report, Bhutanese officials have clearly said goodbye at 2,584 BTC, and have issued around $248 million in digital assets.
Bhutan’s Bitcoin storage shrinks
In April, Bhutan ranked fourth in the world among the sovereign bitcoin holders, trimming its reserves. On March 24th, Arkham Intelligence Data was presented by the government Bitcoin Holdings at 10,070 BTC. At this point, that figure has dropped to 7,486 BTC, and is currently valued at nearly $720 million. In the 40-day stretch, the country’s holdings have been reduced by just 2,584 BTC.
All coins from recent transfers were directed to separate, unconfirmed addresses. Bhutan remains singular in its approach, acquiring Bitcoin entirely through mining operations. The sale may have helped to strengthen the mining facilities, but Prime Minister Tshering Tobgay said that Bitcoin liquidation has contributed to adjusting national health programs and wages for the public sector.
Neither the Bhutanese official nor the DHI are the state’s sole government-owned holding company, and its Bitcoin custodian — issued no public remarks about the April cuts. Still, Bhutan continues to outperform El Salvador in terms of total BTC holdings and remains the fourth largest nation-state holder in the world.
Currently, the US is leading at 198,012 BTC, with the UK taking over at 61,245 BTC. North Korea holds its third highest level by the Lazaro Group, a state-sponsored cyber-activist entity, managed 8,358 BTC, slightly ahead of Bhutan’s current figure of 7,486 BTC.
El Salvador closes the top five with 6,166 BTC and gradually builds reserves with daily purchases of 1 BTC. The UK stands alone amongst these countries as the only country not approaching holding as part of its long-term national strategy.