crypto.news
The Kingdom of Bhutan has moved Bitcoin to a centralized crypto exchange for the first time since July 1.
Arkham data confirmed that Bhutan’s government sent 929 Bitcoin ($BTC), worth over $66 million, on Oct. 29 to a Binance deposit address, slightly reducing its substantial crypto holdings. Officials initially moved 100 $BTC, or $7.3 million, to the exchange in what appeared to be a test transaction. Bhutan subsequently transferred 839 $BTC, valued at around $59 million, in a follow-up transaction.
Arkham began tracking Bhutan’s crypto holdings in September, revealing that the small Asian nation held nearly $1 billion in Bitcoin.
According to crypto.news, Bhutan has invested heavily in $BTC mining since 2023, generating over $750 million in Bitcoin in just over a year. Druk Holding & Investment, Bhutan’s investment department, manages its $BTC reserves, giving Bhutan the world’s fifth-largest sovereign-controlled Bitcoin stack.
Royal Government of #Bhutan deposited 929 $BTC($66.16M) to #Binance in the past hour.
— Lookonchain (@lookonchain) October 29, 2024
Royal Government of #Bhutan currently holds 12,456 $BTC($886.58M).https://t.co/ki4I4mfRpo pic.twitter.com/w3D7IqpJ08
The U.S., with its 203,239 $BTC; China, with 190,000 $BTC; the United Kingdom’s 61,245 $BTC; and Ukraine hold the only government Bitcoin balances larger than Bhutan’s.
Bhutan’s approach to acquiring $BTC stands out. Unlike countries like the U.S. and China, which obtained much of their crypto holdings through seizures, Bhutan mined its holdings using computing power, repurposing a converted educational project.
Following its transfers to Binance, Bhutan still holds 12,456 $BTC, worth over $885 million with the recent surge in the crypto market. $BTC recently crossed $71,000, with analysts suggesting it could retest its all-time high of over $73,000 from March.
Bhutan also owns an estimated $600,000 in Ethereum (ETH) and holds smaller amounts in other cryptocurrencies.