SUMMARY
- The Royal Government of Bhutan has deposited 929 BTC, valued at $66 million, to Binance, as reported by the on-chain analytics platform Arkham.
- This marks Bhutan’s first transfer of Bitcoin to an exchange since a $24 million deposit to Kraken in July.
The Royal Government of Bhutan has made headlines by transferring roughly 929 BTC, estimated at $66.1 million, to the cryptocurrency exchange Binance on Tuesday morning. This noteworthy transaction marks the first time Bhutan has sent bitcoin to an exchange since it deposited 381 BTC worth $24.1 million to Kraken on July 1, concurring to on-chain analytics platform Arkham. The initial exchange comprised of 100 BTC ($7.1 million) at 9:09 a.m. UTC, followed by another 839 BTC ($59 million) at 9:56 a.m. UTC.
The reason behind this latest transfer remains vague. Ordinarily, such deposits to crypto trades are conducted with the expectation of selling resources. This development was first noted by the blockchain analytics platform Lookonchain. It also uncovered that Bhutan continues to hold around 12,456 BTC, right now esteemed at around $886 million. In addition to the Bitcoin transfer, Bhutan sent 228.8 ETH, worth $600,000, to a Binance hot wallet address on October 18. This leaves Bhutan with $1.7 million in ether as its only other noteworthy cryptocurrency holding.
The bitcoin resources are under the guardianship of Bhutan’s state investment wing, Druk Holding & Investments. This sizable holding makes Bhutan the fifth-largest known nation-state holder of Bitcoin, trailing the United States, which holds 203,239 BTC; China with 190,000 BTC; the UK with 61,245 BTC; and Ukraine with 46,351 BTC, concurring to Bitcoin Treasuries information.
Not at all like numerous other nations that obtain bitcoin through criminal seizures, Bhutan has taken a distinctive approach by mining bitcoin to support its reserves. The country leverages its abundant hydroelectric power resources to drive eco-friendly mining operations. As of now, bitcoin is exchanging at around $71,513, reflecting a 6% increment over the past week and situating itself within 4% of its previous all-time high of about $74,000 set in March. This recent action highlights Bhutan’s key moves in the cryptocurrency space and its special position as a nation that utilizes sustainable energy for Bitcoin mining.
As the digital resource landscape continues to advance, Bhutan’s approach may serve as a model for other countries looking to harness the benefits of blockchain innovation while advancing eco-friendly practices.