Bhutan Transfers $33.3 Million in Bitcoin
The Royal Government of Bhutan transferred approximately 365 BTC (worth $33.3 million) to a deposit address of crypto exchange Binance on Thursday, coinciding with bitcoin prices around all-time highs of over $90,000.
The transfer occurred at 12:06 a.m. UTC, as reported by the on-chain analytics platform Arkham, which has been tracking Bhutan's bitcoin holdings since September.
In addition to the 929 BTC ($66.1 million) sent to Binance on October 29, Bhutan has possibly offloaded nearly $100 million worth of bitcoin during the recent price surge. The exact purpose of the latest transfer remains unclear, but deposits to exchanges typically indicate intentions to sell the assets.
These transfers are the first instance of Bhutan transferring bitcoin to a crypto exchange since it deposited 381 BTC, valued at $24.1 million at the time, to Kraken on July 1, according to Arkham’s data.
This move was originally noted by blockchain analytics platform Onchain Lens. Despite the recent transactions, Arkham reports that Bhutan retains approximately 12,206 BTC, currently worth around $1.12 billion, while its only other significant cryptocurrency holding is 656 ETH (valued at $2.1 million).
The $1.12 billion in bitcoin is managed by Bhutan's state investment wing, Druk Holding & Investments, making Bhutan the fifth-largest known national holder of bitcoin, following the U.S. (208,109 BTC), China (190,000 BTC), the UK (61,245 BTC), and Ukraine (46,351 BTC) based on Bitcoin Treasuries data.
While many countries acquire bitcoin through criminal seizures, Bhutan has mined its bitcoin to bolster reserves, utilizing its abundant hydroelectric power for eco-friendly mining operations. Additionally, speculation suggests that various nation-states may also be acquiring bitcoin to preemptively create a national bitcoin reserve in response to U.S. President-elect Donald Trump's proposed national bitcoin stockpile.
As of press time, bitcoin was trading at around $91,000, marking a 1.2% increase in the past 24 hours, 21% over the last week, and 115% year-to-date.
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