The Royal Government of Bhutan transferred 650 Bitcoin (BTC), valued at $74.24 million, to Binance over the past two weeks. Bhutan’s latest transaction to the cryptocurrency exchange, as per an X post by Onchain Lens, involved 99.47 BTC worth $12.05 million.
It was moved on Monday through Bhutan’s investment arm, Druk Holding and Investments (DHI). This transfer occurred just two hours after Bitcoin hit a record high of $120,000, with the asset now trading at $122,300, showing strong market momentum.
According to Arkham Intelligence, the transfers began on June 30, when Bhutan moved 137.24 BTC, worth $14.7 million at the time, to a Binance deposit address. Over two weeks, Bhutan’s government moved Bitcoin (BTC) from its digital wallet to the Binance exchange, sending amounts between 2 and 200 BTC at a time.Â
This wallet had been inactive for two weeks before the transfers started. With Bitcoin’s price surge, Bhutan appears to be selling some of its Bitcoin to make money during a strong market. The country owns a large amount of cryptocurrency—11,411 BTC (worth about $1.4 billion) and 656 Ether (ETH, worth nearly $2 million).
Under King Jigme Khesar Namgyel Wangchuck, the country has adopted cryptocurrencies to grow its economy. The country utilizes its hydropower to mine Bitcoin and has built a crypto reserve. In May, Bhutan teamed up with Binance to let tourists pay with crypto, despite the country facing issues like unreliable internet.
These recent Bitcoin transfers highlight that Bhutan is actively managing its crypto to possibly fund diverse projects or spread out investments.Â
Also Read: Bhutan Sent Another 100 Bitcoin to Binance: German Gov. Made Mistake?
