The Royal Government of Bhutan is making headlines once again as blockchain tracker Lookonchain spotted a large chunk of funds moved from its Bitcoin (BTC) holdings.
According to blockchain tracker Lookonchain, the government transferred 800 Bitcoin, worth around $92.06 million, into two new wallet addresses today.
The transfer has caught the interest of the space because such transfers are often followed by sales, with some analysts saying the new wallets could be linked to a deposit at the global exchange Binance.
Multiple Transfers in Two Months
This is not the first time Bhutan has shifted large amounts of Bitcoin. Earlier this month, on August 5, the government moved 517 Bitcoin, valued at roughly $59 million, to Cobo Custody, a crypto custodian.
Just weeks earlier, in July, on-chain analysis by “Onchain Lens” revealed another transfer of 650 Bitcoin to Binance. These repeated patterns only mean one thing, Bhutan has been active in managing and sometimes liquidating parts of its Bitcoin stash.
Even after today’s transaction, Bhutan’s investment arm, Druk Holding and Investments (DHI), still controls more than 9,900 Bitcoin. At today’s trading price of about $115,565 per Bitcoin, that holding is worth over $1.154 billion.
While Bitcoin has dipped by 2.4% in the last 24 hours, Bhutan’s portfolio remains one of the largest held by a government.
Bhutan’s crypto journey goes back to 2019, when it quietly began buying Bitcoin while prices were still low. This early entry gave the country an opportunity to build a large position that has grown in value over the years.
Although the government has not explained its reasons, analysts suggest the sales may support national projects, or take advantage of market highs
Blending Crypto with the Real Economy
Beyond holding Bitcoin, Bhutan has been finding ways to bring cryptocurrency into its economy. In May, the country launched a nationwide crypto-powered payment system for its tourism sector. The project is powered by Binance Pay in partnership with Bhutan’s state-owned DK Bank.
The government is also using its natural hydropower resources for green crypto mining, which it hopes will attract investors seeking digital assets tied to clean energy and environmental goals.
According to Bitcoin Treasuries, Bhutan is the sixth-largest government holder of Bitcoin, ranking just behind the United States, China, the United Kingdom, Ukraine, and North Korea. The U.S. leads with more than 198,000 BTC , worth around $23 billion.
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