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Bhutan Resumes Bitcoin Selling Spree: Here’s the Latest BTC Transfer

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Less than a year after announcing plans to develop a new special administrative region called Gelephu Mindfulness City (GMC) using the proceeds of BTC sales acquired through hydropower mining, the Royal Government of Bhutan has continued to offload as the asset’s price is trying to stabilize at around $65,000.

Data from the on-chain analytics resource Lookonchain indicated that the administration has deposited almost 435 BTC (worth around $28 million) into Binance, likely with the intention to sell, as in all previous examples.

The sale from August 7 is significantly smaller than the one completed in July, when wallets linked to the government transferred 700 BTC to Binance. Before that, they sold 533 BTC in mid-June and another substantial batch of 738 units in early June.

May was a more modest month, in which the government sent two batches of 100 and 90 BTC to be sold on the world’s largest crypto exchange, according to data from Arkham and Lookonchain.

CryptoPotato also ziņoja . a previous major disposition that took place in March, in which Bhutan’s administration offloaded $45 million worth of the asset within a few days.

Thus, the country continues its plan to create Gelephu Mindfulness City with the proceeds of its BTC sales, paziņoja at the end of 2025. GMC is a massive project, designed to work as a multi-generational special administrative economic zone spanning over 2,600 square kilometers. It will work as an autonomous region focused on green technology, digital finance, and sustainable urban living.

Amats Bhutan Resumes Bitcoin Selling Spree: Here’s the Latest BTC Transfer appeared first on CryptoPotato.

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