Bhutan Continues BTC Transfers to Binance with $23.7M Move This Week

The Royal Government of Bhutan has made a remarkable move in the crypto space by moving bitcoin (BTC) worth millions of dollars. The latest transfer makes it the second consecutive week the government has transacted. 

According to on-chain data from Arkham Intelligence, the government transferred 213.501 BTC, valued at approximately $23.73 million, to Binance deposit. The government has, however, not provided an official explanation for the transaction.  

Bhutan Deposits Over $35 Million in Bitcoin in 10 Days

Over the past 10 days, the country has deposited a total of 350.74 BTC, worth approximately $35.8 million. Additionally, the funds marked the largest transfer since November’s $33 million move. Furthermore, the bitcoin accumulation reflects the growing need to own BTC. Meanwhile, the crypto asset briefly surpassed the $113,000 price mark before a slight decline.  

Bhutan’s approach to bitcoin accumulation relies heavily on eco-conscious mining practices, leveraging the nation’s vast hydroelectric capacity sourced from Himalayan river systems. 

Since April 2019, when Bitcoin traded around $5,000, Bhutan has pursued a strategic, energy-efficient mining initiative that now represents more than 25% of its GDP. In addition, Druk Holdings and Investments has generated 13,011 BTC and broadened its exposure to other crypto assets, including ETH, BNB, and MATIC. 

Exchange Transfers Signal Impending Bitcoin Sales  

Unlike other top bitcoin-holding nations that secured their assets through daily purchases or legal seizures, Bhutan quietly built its crypto fortune by mining. Beyond its crypto interests, the investment firm is responsible for overseeing Bhutan’s national airline, major hydroelectric projects, and a broad spectrum of industrial enterprises. 

In November 2024, the Royal Government of Bhutan offloaded 367 bitcoins (BTC) worth $33.5 million to Binance at the time. Typically, moving assets to a centralized exchange like Binance is seen as an indicator of an impending sale. 

As of September 2024, the country had secured more than 13,000 BTC, bringing its total crypto valuation to around $780 million and ranking it as the fourth-largest government holder of BTC globally. 

Despite offloading 350.74 BTC to Binance, Bhutan continues to maintain a substantial position in Bitcoin. It holds over 11,000 BTC, with a market value exceeding $1 billion, according to Arkham Intelligence. 

The Bhutan government is not the only country selling off BTC. Other countries like Germany have sold off their bitcoin over the years. Last year, the German government transferred 900 BTC (worth approximately $54 million).

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