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Bhutan sells $50M in Bitcoin, moving 700 BTC to Galaxy Digital and unknown wallets amid ongoing BTC sell-off.

Market News
31 Mar 2026
Crypto news
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Neutral
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Bhutan's government-linked wallets transferred 700 BTC, worth about $50 million, to a Galaxy Digital-linked address and an unknown wallet. This follows a March trend where Bhutan sold over $84 million in Bitcoin, part of a broader strategy to rebalance its portfolio and monetize its state-run Bitcoin mining operations powered by hydropower. Bhutan, which has mined Bitcoin since 2019 and once held over 13,000 BTC, is gradually reducing its holdings, signaling a strategic approach to managing its digital assets rather than panic selling. The sales likely fund state projects or shift assets to different custody solutions, reflecting Bhutan's unique use of Bitcoin as a sovereign asset tied to renewable energy.

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