The Himalayan kingdom of Bhutan has stepped up what experts have called a Bitcoin reserve sell-off, apparently dumping around $216 million worth of the world’s top crypto since the start of the year.

The nation, which has raised over $765 million in Bitcoin mining-related profits, has slashed the size of its Bitcoin pot by 70% since October 2024, per Arkham Intelligence data.

At the end of 2024, the country’s wallets contained 13,000 Bitcoin, currently worth $931 million.

The apparent sell-off continues to gather pace. The data shows Bhutan has moved over $12 million worth of…