The Royal Government of Bhutan sold 367 bitcoins through the Binance exchange, earning approximately $33.5 million. According to Arkham Intelligence, the transaction took place Thursday morning when Bitcoin reached $90,000 per coin before dropping to $87,000.

This is Bhutan’s second major Bitcoin sale in recent weeks. Earlier, the country sold cryptocurrency worth $66 million when prices hit $70,000. However, Bhutan remains one of the largest government holders of cryptocurrency, retaining 12,206 BTC worth $1.11 billion under the management of Druk Holding & Investments.

Unlike other countries, Bhutan does not seize crypto assets but mines them using hydroelectric resources. This strategy enables efficient asset management by selling at market peaks.

Today, Bhutan ranks fifth globally in Bitcoin holdings, behind the United States, China, the United Kingdom, and Ukraine. Meanwhile, other countries are also leveraging the cryptocurrency market’s growth. For instance, El Salvador is using Bitcoin profits to reduce national debt and fund large-scale projects like Bitcoin City.

Interest in cryptocurrencies is also growing in the United States. A new bill proposes converting part of the gold reserves into Bitcoin, while Pennsylvania is discussing allocating 10% of state funds into crypto assets as an inflation hedge.