Special note that few gave the proper relevance, could it be because it's a small country? Or because it's Asian?
Either way, it concerns the sale of a good amount of BTC.
The best part for this country is that its BTCs were not bought! Nor were they stolen or confiscated, check the note.
#Bután surprised the crypto ecosystem by parting with nearly 514 #bitcoins this week for a total amount of 60 million dollars.
The operation, revealed by the tracking platform Arkham Intelligence, was carried out at an average cost of 116.557 dollars and were transferred to the wallet of the provider Cobo BTC.
This operation was finalized shortly after the liquidation that took place in July, when Bhutan sent around 59.42 million dollars in bitcoin to the Binance exchange between the 10th and 14th of that month.
Despite these sales, the official reserves of the Asian country remain considerable. Druk Holdings, the investment arm of the royal government, holds around 10.769 BTC (equivalent to about 1.250 million dollars) and 656 #ETH valued at about 2.5 million dollars.
It is worth noting that Bhutan's significant bitcoin reserve does not come from direct purchases of BTC or from seizures in judicial processes, but rather from its own mining activity, driven by the country's abundant hydroelectric energy.
Bhutan began to develop its mining in 2019 and its BTC reserve is equivalent to almost 40% of its GDP, which is around 2900 million dollars.