Just caught something interesting about Bhutan's cryptocurrency holdings. Apparently the country's been quietly offloading a decent chunk of its bitcoin stash this year - we're talking $42.5 million worth moved so far in 2026. Their state investment arm has been making regular transfers, mostly to the same counterparties, which looks less like panic and more like planned treasury management.

What's wild is how much the stack has shrunk. Back in late 2024, Bhutan had built up around 13,000 BTC through years of hydroelectric mining operations. Now they're down to roughly 5,400 BTC - that's a 58% drop in actual coins. Between the selling pressure and bitcoin's price movement from the $119K peak down to where we are now, the dollar value took a serious hit too. Went from what was probably over $1.5 billion to around $374 million currently.

The interesting part is they basically have zero cost basis on these coins since they mined them using surplus hydropower. So every sale is pure profit for them. No break-even pressure like you'd see with corporate treasuries that bought at market prices. Looks like they're executing a structured drawdown strategy rather than getting shaken out of positions. Pretty smart move for a small country managing its cryptocurrency reserves strategically.