The Kingdom of Bhutan has moved 929 Bitcoin (BTC), worth over $66 million, to Binance on Oct. 29, marking its first deposit on a centralized exchange since July 1. The transfer followed a test transaction of 100 BTC ($7.3M) before sending 839 BTC ($59M).
Bhutan, tracked by Arkham since September, holds nearly $1 billion in Bitcoin, making it the fifth-largest sovereign-controlled Bitcoin reserve globally. Managed by Druk Holding & Investment, the nation generated over $750 million from BTC mining in just over a year.
After the recent transfer, Bhutan still holds 12,456 BTC, valued at more than $885 million. With Bitcoin now crossing $71,000, analysts predict it could soon challenge its all-time high of over $73,000.
Bhutan's Bitcoin holdings set it apart, as the country acquired most of its BTC through mining, unlike other nations like the U.S. and China, which obtained theirs through seizures. Bhutan also owns $600,000 in Ethereum and smaller amounts in other cryptocurrencies.
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