Bhutan Quietly Cashed Out 70% of Its Bitcoin
A landlocked Himalayan kingdom of 800,000 people secretly mined Bitcoin for years using surplus hydropower. Cost basis: basically zero. By late 2024 they held 13,000 BTC, one of the largest government stacks on the planet.
Then they started selling. Quietly. Controlled batches routed through OKX and Galaxy Digital specifically so it wouldn't move the market. No press releases. No statements. Druk Holding & Investments hasn't responded to a single media request.
They're now sitting at 3,774 BTC. 70% gone in 18 months.
Mining appears to have stopped entirely. No inflow over $100k in over a year. The math changed: selling electricity to India is more profitable than running the hardware.
Strategy bought more BTC last week than Bhutan has left. Bhutan still hasn't said a word.
Bhutan ran one of the most successful stealth government Bitcoin operations in history and then exited almost all of it without ever making a single public statement.
Source
x.com