The Kingdom of Bhutan has moved $65.66 million worth of Bitcoin to Binance exchange accounts, blockchain data reveals. The transfer marks the nation's first significant cryptocurrency movement since July, while its substantial mining operations remain active.
Blockchain analytics firm Arkham Intelligence identified the transaction and noted Bhutan's ongoing mining activities. "The Royal Government of Bhutan operates a large Bitcoin mining operation through its national investment company, Druk Holdings and Investments," Arkham reported. "In the second half of 2023, Bhutan's Bitcoin mines were mining around 780 BTC per month."
The choice of Binance for the transaction stands out among government cryptocurrency operations. Other nations, including the United States and Germany, have typically used exchanges like Coinbase and Kraken for similar transactions.
Bhutan maintains significant cryptocurrency holdings, with Bitcoin worth over $900 million and Ethereum exceeding $1 million. The kingdom's investment arm, Druk Holdings and Investments, began quietly accumulating digital assets in early 2023.
Market analysts suggest the sale's impact on Bitcoin prices will likely be limited. This differs from Germany's $425 million Bitcoin disposal in June, which created notable selling pressure. Bhutan's continued mining operations and substantial remaining holdings indicate no intention to exit the cryptocurrency market entirely.
The transaction reveals evolving government approaches to cryptocurrency management. Unlike other nations' complete divestment strategies, Bhutan appears to be balancing active trading with ongoing mining operations.
Industry observers note that Bhutan's mining operations remain productive, generating approximately 26 Bitcoin daily. This sustained mining activity suggests a long-term commitment to cryptocurrency operations despite the current sale.
The kingdom's cryptocurrency strategy has only recently become public knowledge, though its investments date back to early 2023. This transaction represents one of the first visible signs of active portfolio management by the Bhutanese government.
Market watchers suggest this could signal a new phase in government cryptocurrency operations, where nations actively trade their holdings while maintaining mining infrastructure.