Bhutan government-linked wallet transfers 929 BTC to Binance amid Bitcoin price surge

The Royal Government of Bhutan has taken an important step by depositing 929 BTC to the crypto exchange Binance.

The activity came shortly after BTC climbed above $70,000 for the first time since June 10.

Transfer Bitcoin to Binance

In its latest tweet, Lookonchain cited data from Arkham Intelligence, which revealed that the Bhutan government-linked wallet transferred storage worth approximately $66.16 million through two transactions on October 29 .

Bhutan currently has 12,456 BTC, which is almost $891 million. The reasons for the transfer are still unclear, but deposits on crypto exchanges are usually associated with plans to sell the assets, especially since this move comes at a time after bitcoin rose more than 5% in the last day, above $71,700. BTC went even further in the following hours, breaking above $73,000 for the first time since the ATH period in March.

Interestingly, this is the first time Bhutan has sent bitcoins to a crypto exchange since it deposited 381 BTC to Kraken in July. Additionally, nearly ten days ago, the country-linked wallet transferred 228.8 ETH, worth about $600,000, to a Binance hot wallet, leaving $1.72 million in Ether as the only other holdings important cryptocurrency.

Bhutan Bitcoin Reserves

Unlike many countries that obtain bitcoins through criminal seizures, Bhutan has been actively mining the cryptocurrency since 2017, when it was worth around $5,000, according to some reports. The landlocked country located in the eastern Himalayas has been using abundant hydroelectric resources for sustainable mining practices.

The Bhutanese government also partnered with Nasdaq-listed mining company Bitdeer in May 2023 to develop a 100% carbon-free bitcoin mining operation in the country.

As a result of these efforts, Bhutan is now the fifth largest known nation-state holder of BTC, trailing only the United States, China, the United Kingdom, and Ukraine, according to data compiled by Bitcoin Treasuries. The assets are held by Bhutan’s state investment group, Druk Holding & Investments.

Bhutan also ventured into bitcoin mining as a new revenue stream in response to the drop in tourism revenue driven by the COVID-19 pandemic. According to a local media outlet “The Bhutanese”, the funds generated by bitcoin mining helped finance a 50% increase in the salary of some government officials.

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