I noticed something interesting on the chain this week. Bhutan just transferred 250 BTC to sales wallets, worth about $17.73 million. It has become a regular pattern – since early 2026, the country has moved over $215 million in Bitcoin, with approximately $162 million in confirmed sales. Previously, Bhutan was doing this in small discreet tranches, but now there's a clear acceleration.

What’s fascinating is that Bhutan built these reserves by mining massively thanks to its abundant hydroelectric power. At their peak in October 2024, they held 13,000 BTC. Today, after these recent transfers, the reserves managed by Druk Holding amount to about 3,954 BTC. With Bitcoin around $76,260 now, that’s a cushion of over $300 million for a small developing country.

Bhutan is gradually monetizing its reserves to fund its sustainable development. It’s a rather smart strategy – turning hydroelectric energy into liquidity without abandoning its GDP-Happiness philosophy. Interesting to see how a small country uses crypto as an economic lever.