Bhutan transfers $66M in Bitcoin to Binance, 4th largest govt. holder of BTC

The Royal Government of Bhutan has surprised the crypto world by emerging as one of the largest government holders of Bitcoin. Recently, Bhutan transferred 929 BTC (worth approximately $66.1 million) to a Binance deposit address, raising questions about whether the country is taking profits or adjusting its position in the volatile crypto market. This transaction, which occurred in two parts, was first reported by Arkham, a blockchain analytics platform.

• Bhutan’s BTC holdings once reached a high of 13,011 BTC, valued at around AU $1.4 billion, placing it among the top government Bitcoin holders.
• According to Arkham, Bhutan’s recent transfer involved a two-step transaction: 100 BTC at 9:09 a.m. UTC, and an additional 839 BTC at 9:56 a.m. UTC.
• Despite this recent activity, Bhutan remains one of the largest sovereign Bitcoin holders, with a current stake of 12,456 BTC, or approximately $886.58 million.

The reasons behind Bhutan’s recent transfer remain uncertain, though deposits to crypto exchanges like Binance typically signal a potential sale. Given Bitcoin’s recent rally to a near all-time high, Bhutan may be seizing a profit-taking opportunity. However, some speculate that the transfer could serve other strategic purposes rather than an outright sale.

This move highlights Bhutan’s unique approach, as it has mined much of its Bitcoin rather than obtaining it through seizures or regulatory actions. Bhutan’s reliance on renewable energy for mining has allowed it to build a substantial Bitcoin reserve, making it the fourth-largest government holder, following the U.S., China, and Ukraine. With more governments exploring cryptocurrencies, Bhutan’s approach may offer a model for other nations considering similar investments.

As Bhutan continues to engage with digital assets, crypto investors and analysts are closely watching to see how these decisions impact the market and whether other governments will follow Bhutan’s lead in adopting and managing significant Bitcoin holdings.