Bhutan Transfers 929 BTC to Binance

The Royal Government of Bhutan transferred approximately 929 BTC (worth $66.1 million) to a deposit address of crypto exchange Binance on Tuesday morning.

Bhutan initially transferred 100 BTC ($7.1 million) to Binance at 9:09 a.m. UTC, followed by another 839 BTC ($59 million) at 9:56 a.m. UTC, according to the on-chain analytics platform Arkham, which began tracking its holdings in September.

This marks the first time Bhutan has sent bitcoin to a crypto exchange since it deposited 381 BTC, valued at $24.1 million at the time, to Kraken on July 1, as per Arkham’s data. The reason for the latest transfer remains unknown, though such deposits to crypto exchanges are often made to sell the assets.

The move was initially noted by the blockchain analytics platform Lookonchain, which highlighted that Bhutan still holds approximately 12,456 BTC, currently valued at around $886 million. Bhutan also sent 228.8 ETH ($600,000) to a Binance hot wallet address on October 18, with its remaining $1.7 million in ether being its only other substantial cryptocurrency holding.

The bitcoin is held in custody by Bhutan's state investment wing, Druk Holding & Investments. Bhutan's balance makes it the fifth-largest known nation-state holder of bitcoin, following the United States (203,239 BTC), China (190,000 BTC), UK (61,245 BTC), and Ukraine (46,351 BTC), according to Bitcoin Treasuries data.

While many countries acquire bitcoin through criminal seizures, Bhutan has been mining bitcoin to bolster its reserves, utilizing the country's abundant hydroelectric power for eco-friendly mining operations.

As of now, Bitcoin trades at $71,513, up 6% over the past week, coming within 4% of its prior all-time high of nearly $74,000 set in March.