The Kingdom of Bhutan has moved Bitcoin to a centralized cryptocurrency exchange for the first time since July 1.
Arcam data confirms that the Bhutanese government transferred 929 Bitcoin (BTC) worth more than $66 million to a Binance deposit address on October 29, effectively reducing its cryptocurrency holdings slightly. Authorities initially moved 100 BTC, or $7.3 million, to the exchange in what appeared to be test transactions. Bhutan subsequently transferred 839 BTC worth approximately $59 million in a follow-up transaction.
Arkham began tracking Bhutan’s cryptocurrency 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 arm, manages Bitcoin reserves, giving Bhutan the fifth largest government-controlled Bitcoin stack in the world.
The US is 203,239 BTC. China, 190,000 BTC. 61,245 BTC in the UK. And Ukraine is the only country with a larger government Bitcoin balance than Bhutan.
Bhutan’s approach to BTC acquisition is outstanding. Unlike countries like the United States and China, which acquired much of their crypto holdings through seizure, Bhutan used computing power to mine their holdings and repurpose them for educational projects. I reused it.
After the transfer to Binance, Bhutan still holds 12,456 BTC, worth over $885 million due to the recent surge in the crypto market. BTC has recently topped $71,000, with analysts suggesting it could retest its all-time high above $73,000 since March.
Bhutan also owns an estimated $600,000 in Ethereum (ETH), as well as smaller amounts in other cryptocurrencies.
