On November 14, the Royal Government of Bhutan moved ~367.26 BTC ($33.5 million) to a Binance deposit address, according to Arkham data.
Before this, a similar transfer took place on October 29, when the “kingdom of dragons” sent ~935 BTC ($66.4 million at the time of the transaction) to the largest crypto exchange.
Crypto assets in Bhutanese government wallets. Data: Arkham.
On July 1, Bhutanese authorities moved 381 BTC ($24.1 million at the time) to the American exchange Kraken.
The reason for the latest move is unknown, but historically, deposits on CEX are often followed by sales.
At the time of writing, the country holds $1.11 billion in crypto assets on its balance sheet.
The funds are managed by the state investment fund Druk Holding & Investments. According to Bitcoin Treasuries, Bhutan ranks fifth in the ranking of countries holding crypto assets.
While many countries are replenishing their Bitcoin reserves with confiscated assets, the “dragon kingdom” is actively increasing its reserves through mining. To do this, the state uses its abundant hydroelectric resources.
At the time of writing, the first cryptocurrency is trading around $88,400. Over the past 24 hours, its price has corrected by 5.2% after a rapid growth with a series of ATH updates.
Forbes previously conducted an investigation and found out that the Kingdom of Bhutan has become a “crypto Shangri-La” thanks to the country’s government allocating land, funding, and energy for Bitcoin mining.
As a reminder, in July 2023, Bitdeer completed construction of its Gedu Bitcoin mining facility in Bhutan.
