Bhutan's Bitcoin Sales Continue to Fund Gelephu Mindfulness City Development

The Royal Government of Bhutan has continued its plan to develop Gelephu Mindfulness City by selling off its Bitcoin holdings. The latest sale, which took place on August 7, saw the government transfer 434.87 BTC (worth around $27.93 million) into Binance. This is part of a larger trend where the government sells at least one batch of Bitcoins per month.

The proceeds from these sales will be used to fund the development of Gelephu Mindfulness City, a special administrative region focused on green technology, digital finance, and sustainable urban living. The project spans over 2,600 square kilometers and is designed to work as an autonomous region.

This is not the first time Bhutan has sold its Bitcoin holdings in large quantities. In July, the government transferred 700 BTC to Binance, while in mid-June it sold 533 BTC and another substantial batch of 738 units in early June. The sale from August 7 is significantly smaller than these previous transactions.