The Royal Government of Bhutan has transferred 929 BTC, valued at $66.1 million, to Binance in two separate transactions on Tuesday.
The transfers, tracked by blockchain analytics platform Arkham, represent the nation’s first major movement to a cryptocurrency exchange since a July deposit of 381 BTC to Kraken.
Bhutan still holds 12,456 Bitcoin
The transfers occurred in two phases:
- Initial transfer of 100 BTC ($7.1 million) at 9:09 a.m. UTC
- Follow-up transfer of 839 BTC ($59 million) at 9:56 a.m. UTC
Despite these transfers, Bhutan maintains substantial cryptocurrency holdings through its state investment arm, Druk Holding & Investments.
Advertisement
According to Lookonchain data, the country still holds approximately 12,456 BTC, valued at $886 million, positioning it as the fifth-largest known nation-state bitcoin holder globally.
Current national bitcoin holdings rankings:
- United States: 203,239 BTC
- China: 190,000 BTC
- UK: 61,245 BTC
- Ukraine: 46,351 BTC
- Bhutan: 12,456 BTC
Unlike other nations that primarily acquire bitcoin through criminal seizures, Bhutan has built its reserves through eco-friendly mining operations, leveraging the country’s abundant hydroelectric power resources.
The country also holds 228.8 ETH ($600,000) in its portfolio, with an additional $1.7 million in ether representing its only other significant cryptocurrency position.
Advertisement
With Bitcoin currently trading at $71,400, these movements suggest active management of Bhutan’s digital asset portfolio.
