The Kingdom of Bhutan has made another notable move in the crypto space. On-chain analysis platform Arkham reports that Bhutan has transferred 929 BTC, worth approximately $66 million, to the Binance exchange. This transfer marks Bhutan’s first major Bitcoin transaction to an exchange since the $24 million transfer to Kraken in July.
Bhutan’s Large Bitcoin Transfer
Bhutan executed this significant Bitcoin transfer in two stages. First, the country sent 100 BTC (roughly $7.1 million) to Binance at 12:09 UTC. Then, about an hour later, another 839 BTC (around $59 million) was transferred. According to Arkham’s tracking data, Bhutan’s Bitcoin holdings have been monitored since September. However, there has been no official statement on the purpose of this latest transaction. Large-scale transfers to exchanges typically attract attention, often signaling a potential sale.
Bhutan’s Bitcoin Holdings and Global Position
Bhutan’s recent move has put the spotlight on its substantial holdings of 12,456 BTC, equivalent to about $886 million at current prices. This makes Bhutan the fifth-largest state-held Bitcoin reserve globally, following the U.S. with 203,239 BTC, China with 190,000 BTC, the U.K. with 61,245 BTC, and Ukraine with 46,351 BTC. Bhutan also holds Ethereum, with around $1.7 million in ETH, and recently transferred about $600,000 of it to Binance’s hot wallet.
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A Unique Approach to Mining
Unlike other nations that have accumulated cryptocurrency through asset seizures, Bhutan has grown its crypto reserves through sustainable mining operations. With rich hydroelectric resources from the Himalayas, Bhutan’s mining activities are powered by clean energy, placing it in a unique position in the crypto sector. Managed by Druk Holding & Investments, Bhutan’s crypto assets play a critical role in the country’s long-term economic strategy.
As previously reported by The Bit Journal, Bitcoin has seen a 6% rise, reaching $71,513 and nearing its all-time high of $74,000. The leading cryptocurrency surpassed the $71,000 level for the first time since June 7, reflecting renewed interest and investment.
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