Bhutan Moves $74M in Bitcoin to Binance as BTC Hits $120K

The Royal Government of Bhutan moved 99.47 Bitcoin (BTC) worth $12.05 million at the time to crypto exchange Binance through its investment arm, Druk Holding.

Blockchain analytics platform Onchain Lens flagged this most recent transaction on Monday. It brings the Bhutanese government’s total transfers over the last two weeks to 650 Bitcoin, worth $74.24 million.

With the markets turning bullish, these moves may indicate that Bhutan’s government is cashing in on its BTC investments.

Bhutan’s crypto transfers in the last two weeks. Source: Arkham Intelligence

Bhutan moves stash as Bitcoin breaks all-time-high

The Bhutanese government’s wallet had been inactive for two weeks when, on June 30, it transferred 137.24 BTC to Binance, according to Arkham. Bitcoin was worth about $107,000 at the time, valuing the transfer at $14.7 million.

The wallet consistently moved BTC to Binance over the next two weeks, with transfers ranging from two to 200 BTC.

Its most recent Bitcoin transfer happened only two hours after the asset reached the $120,000 price point for the first time. At the time of writing, Bitcoin traded at $122,300 and showed no signs of slowing down.

Cointelegraph contacted Bhutan’s government for comment and will update this article should it reply.

Through Druk Holding, Bhutan has amassed a sizeable Bitcoin stash. Arkham data shows the country holds 11,411 BTC, worth almost $1.4 billion at current market prices, and 656 Ether (ETH), worth nearly $2 million.

*The Royal Government of Bhutan’s crypto holdings. Source: Arkham Intelligence*

Government, Data — *The Royal Government of Bhutan’s crypto holdings. Source: Arkham Intelligence*

Related: Binance CEO on how Bhutan’s happiness philosophy aligns with crypto

Bhutan’s relationship with crypto

The Bhutanese government has embraced crypto as part of its development strategy. Under its current monarch, King Jigme Khesar Namgyel Wangchuck, Bhutan has implemented initiatives like hydro-powered Bitcoin mining and a crypto reserve.

In May, the country partnered with Binance to implement crypto payments to boost its tourism sector. Despite this, the country experiences roadblocks to adoption, like unstable internet connections.