Recently, Bhutan made headlines by transferring a substantial amount of Bitcoin—929 BTC, valued at approximately $66.16 million—to the Binance exchange.
This transfer occurred in two stages, with the first batch of 100 BTC sent in the morning, followed by a larger transfer of 839 BTC shortly after. This marks Bhutan’s first move of Bitcoin to an exchange since a previous deposit to Kraken in July.
The motivations behind this significant transfer remain unclear, leading to various theories among crypto enthusiasts. Some speculate that such large deposits could signal potential sales, raising questions about the government’s strategy.
Bhutan, home to about 727,145 people, has been mining Bitcoin since 2019, leveraging its abundant hydroelectric power to convert green energy into digital currency.
This initiative is part of a broader effort to diversify the country’s reserves in response to changing global economic conditions. The Bitcoin reserves could be used for various purposes, including funding national projects or stabilizing the economy during tough times.
Interestingly, some observers note that Bhutan’s approach to Bitcoin differs from that of El Salvador, where Bitcoin is viewed as a long-term treasury asset. Instead, Bhutan seems to be treating it more like a short-term investment.
Analysts suggest that the government might be preparing for a market shift or looking for liquidity for upcoming projects, especially given the recent gains in the crypto market.
Bhutan’s state investment arm, Druk Holding & Investments, oversees these Bitcoin holdings, which currently total 12,456 BTC, making Bhutan one of the largest national holders of Bitcoin. Unlike many countries that have acquired Bitcoin through seizures, Bhutan has built its reserves through mining.
In addition to Bitcoin, Bhutan also transferred 228.8 Ether (ETH) to Binance, valued at around $600,000. The nation’s total Ether holdings are approximately $1.7 million.
As of now, there has been no official comment from Bhutan’s government regarding these transactions, leaving many in the crypto community eager for more information.
