Bhutan government sends 929 BTC ($66 million) to exchange
This Tuesday, the government of Bhutan carried out a significant transfer of approximately 929 BTC, valued at around US$66.1 million, to a deposit address on the cryptocurrency exchange Binance. According to data from on-chain analytics platform Arkham, the country initially transferred 100 BTC (equivalent to US$7.1 million). It then made a second shipment of 839 BTC (valued at $59 million).
This is the first time that the Bhutanese government has sent Bitcoin to a cryptocurrency exchange since the deposit of 381 BTC, then valued at US$24.1 million, made on Kraken on July 1st. While the reason for the most recent transfer is unclear, deposits of this type generally indicate an intention to sell the assets.
The move initially drew attention from the blockchain analysis platform Lookonchain. The platform also noted that Bhutan still holds around 12,456 BTC, currently valued at approximately $886 million.
Additionally, on October 18, the country transferred 228.8 ETH (approximately US$600,000) to a Binance hot wallet. Now, there is $1.7 million left in ETH as another relevant asset in your cryptocurrency reserves.
Bhutan Government Bitcoin Reserves
Bhutan's Bitcoins are in the custody of Druk Holding & Investments (DHI), the government's investment wing. With this volume, Bhutan positions itself as the fifth largest state holder of Bitcoin in the world. The country is behind the United States, with 203,239 BTC; from China, with 190,000 BTC; from the United Kingdom, with 61,245 BTC; and Ukraine, with 46,351 BTC, according to data from Bitcoin Treasuries.
While many countries acquire Bitcoin through seizures in criminal investigations, Bhutan takes a distinct approach. This is because the nation builds its reserves through mining. Utilizing the country's hydroelectric potential, the government develops sustainable Bitcoin mining operations, harnessing renewable energy to power mining equipment and expand its cryptocurrency reserves.
On the market, Bitcoin is currently costing US$70,964, according to information from CoinGecko. In the last seven days, the cryptocurrency has seen an increase of 6%, remaining around 4% from its all-time high, close to US$74,000, reached in March.