Bhutan’s Government-Linked Wallet Transfers 929 BTC to Binance Amid Bitcoin Price Surge
The Royal Government of Bhutan has deposited 929 BTC, worth approximately $66.16 million, into crypto exchange Binance. This significant move was flagged shortly after Bitcoin climbed above $70,000 for the first time since June 10.
According to data from Arkham Intelligence, the Bhutan government-linked wallet transferred the stash through two transactions on October 29. Currently, Bhutan holds 12,456 BTC, nearly $891 million. The motives behind the transfer remain unclear, but deposits to crypto exchanges are usually associated with plans to sell assets, especially during price surges.
This is the first time Bhutan has sent Bitcoin to a crypto exchange since depositing 381 BTC to Kraken in July. Additionally, nearly ten days ago, the country-linked wallet transferred 228.8 ETH, worth around $600,000, to a Binance hot wallet.
Bhutan has been actively mining Bitcoin since 2017, utilizing 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, Bhutan is now the fifth-largest known nation-state holder of BTC, trailing only the United States, China, the UK, and Ukraine. The assets are held by Bhutan’s state investment arm, Druk Holding & Investments.
Bhutan ventured into Bitcoin mining as a new revenue stream in response to plummeting tourism revenues driven by the COVID-19 pandemic. Funds generated from Bitcoin mining helped finance a 50% salary increase for some government officials.
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The article discusses Bhutan’s government-linked wallet transferring 929 BTC to Binance amid a Bitcoin price surge. The transfer, worth approximately $66.16 million, was made through two transactions on October 29. Bhutan currently holds 12,456 BTC, worth nearly $891 million. The motives behind the transfer are unclear, but deposits to crypto exchanges are often associated with plans to sell assets, especially during price surges. Bhutan has been actively mining Bitcoin since 2017 and is now the fifth-largest known nation-state holder of BTC.
