The Royal Government of Bhutan has begun depositing a large amount of its main cryptocurrency Bitcoin (BTC) acquired through mining operations on the major cryptocurrency exchange Binance.
The Buddhist kingdom’s move comes after the price of the cryptocurrency soared more than 3.8% in the past 24 hours and is currently trading at $71,200 per coin. According to data from Arkham Intelligence, Bhutan moved a total of 929 BTC worth around $66 million to Binance. This data was first discovered by on-chain analytics service Lookonchain.
According to Arkham Intelligence data, Bhutan’s sovereign holding company Druk Holdings still holds 12,456 BTC worth about $886.3 million. Its holdings also include 656 ETH worth $1.73 million.
Druk Holdings was established in 2007 to manage the royal family’s investments “in the long-term interest of the Bhutanese people.” According to its website, the company had a portfolio worth $1.13 billion as of last year, with portfolio companies including holdings in Bhutan Telecom, Druair Corporation, Bank of Bhutan and Royal Insurance Corporation of Bhutan. Included.
The organization mines between 55 and 75 BTC per week with mining operations utilizing various major mining pools such as AntPool and Foundry. These projects are powered by cheap and clean hydroelectric power.
According to data from Arkham Intelligence, the Druk Holdings wallet has been active since early 2021, and the wallet has been accumulating since then, with some small outflows over time. The data also shows that the company used crypto lending services to generate yield through its stock holdings.
Notably, Binance allows investors to earn interest on their crypto holdings. However, on social media, most users suggested that Bhutan may be looking to sell the BTC sent to Binance rather than use it to generate yield.
Featured image via Unsplash.
