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Himalayan Sovereign Shuffles Bitcoin Reserve as Asian Treasuries Watch the Tape HONG KONG — Bhutan, the smallest sovereign Bitcoin holder of any consequence in this hemisphere, has spent the year moving roughly US$237 million of the asset into SegWit-compatible addresses, with the latest 90 BTC tranche worth about US$7 million pinging on Arkham Intelligence's monitoring feeds this week.
The kingdom's known stack now stands at approximately US$233 million, a net drawdown that desks from Singapore to Tokyo are reading less as a fire sale than as a quiet upgrade in custody discipline.
For an Asia-Pacific desk, the story is not Thimphu. Bhutan accumulated its position the unusual way, by directing surplus hydroelectric output into state-run mining rather than buying on the open market.
That model — abundant stranded power converted into reserve-grade digital assets — is being studied in Laos, in resource-heavy pockets of Indonesia, and inside policy circles in Mongolia.
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