Bhutan transfers 738 BTC to fund Gelephu city
Bhutan moved 738 BTC (about $44.9M) on June 6 as part of a sovereign drawdown by Druk Holding and Investments to fund the Gelephu Mindfulness City project.
On June 6, Druk Holding and Investments moved 738 bitcoin on-chain, a transfer worth about $44.9 million at the time. The operation is part of a sovereign drawdown to finance the Gelephu Mindfulness City special economic zone.
Bhutan operates its own bitcoin mining using hydropower and holds a sovereign reserve overseen by DHI. The reserve once exceeded 13,000 BTC; sales this year have reduced the holdings substantially.
Earlier this year, a roughly $36 million transfer lowered the reserve to about 4,452 BTC. The government also initiated a separate transfer of 375 BTC in recent weeks. On-chain analytics flagged the June 6 movement.
The government has typically converted bitcoin through over-the-counter trading desks rather than placing large orders on public exchanges. OTC trades match large buyers and sellers directly, which keeps individual transactions from appearing on spot order books.
After analytics recorded a balance drop, DHI reported having no recollection of authorizing a sale, highlighting a gap between on-chain movements and public confirmation. The government has provided limited detail on how proceeds are being spent for Gelephu city infrastructure.
Bitcoin has fluctuated during the drawdown period, trading as low as about $59,200 in recent hours. Officials have not disclosed whether more of the sovereign reserve will be converted or the timing of any further transfers.
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