Noticed something interesting - Bhutan's quietly been offloading its bitcoin stash pretty consistently since late 2024. They've moved about $42.5 million worth so far this year through what looks like planned OTC deals, mostly to the same counterparties. Their holdings have dropped from around 13,000 BTC at the peak to roughly 5,400 BTC now - that's a 58% cut in coins. The dollar hit is even worse with BTC down from $119K at the peak to around $74K today.

What's wild is they mined most of this using surplus hydropower, so their cost basis is basically zero. Every sale is pure profit for them, no pressure to hold or panic sell. February alone they moved $30.7 million through a mix of transfers and deposits to trading firms like QCP Capital. The pattern suggests this is a deliberate treasury strategy rather than getting shaken out.

Back in December they announced this Bitcoin Development Pledge committing up to 10,000 BTC to fund their Mindfulness City project. So the selling makes sense - they're managing liquidity for their strategic initiatives while sitting on massive unrealized gains. At the peak, their stack was worth over $1.5 billion. Even at current prices it's still $374 million. Pretty interesting case study in how a country with cheap power can build a treasury position and manage it strategically, especially compared to how Hong Kong and other financial hubs are approaching digital assets.