Bhutan Continues Bitcoin Sales for Gelephu City Project
The Royal Government of Bhutan has resumed selling Bitcoin, depositing approximately 435 BTC, valued at around $28 million, into the Binance exchange. This move follows a series of previous sales throughout the year, suggesting an ongoing strategy to liquidate its Bitcoin holdings.
These sales are directly linked to Bhutan's ambitious Gelephu Mindfulness City (GMC) project, a special administrative economic zone planned to span over 2,600 square kilometers. Announced in late 2025, GMC aims to focus on green technology, digital finance, and sustainable living, with proceeds from Bitcoin sales, generated via hydropower mining, earmarked for its development.
The recent transaction is smaller than the 700 BTC sold in July, but continues a pattern of significant dispositions. Previous months saw the government offload hundreds of BTC, indicating a consistent effort to convert the cryptocurrency into fiat to finance the large-scale urban development initiative.
This is an AI-assisted summary. Original reporting by CryptoPotato.
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