Bhutan Government’s BTC Transfer Sparks Speculation Amid $71K Bitcoin Surge

• Bhutan’s government transferred 935 BTC ($66 million) to Binance as Bitcoin nears $71,000, fueling speculation about possible sales.
• Bhutan’s crypto strategy prioritizes Binance, with substantial holdings and additional assets in Ethereum and other cryptocurrencies, highlighting a robust digital asset approach.

Following news of Bhutan’s Bitcoin holdings of 13,000 BTC, a recent CNF update revealed that blockchain analysts from Arkham estimate Bhutan holds nearly $800 million in Bitcoin through its fully owned subsidiary, Druk Holdings.

As Bitcoin surged to $70,000, Bhutan’s government made a significant move, sparking interest across the crypto community. The timing coincides with Bitcoin’s rally above $71,000, driven by improved market conditions, U.S. election developments, and strong technical indicators.

Bhutan Transfers $66 Million in Bitcoin

The Bhutanese government has begun moving its Bitcoin holdings as prices surpass the critical $70,000 threshold. A government-linked wallet transferred 935 BTC, valued at $66 million, to Binance, suggesting potential plans to sell through the world’s largest crypto exchange. As shared in a tweet by Lookonchain:

Royal Government of #Bhutan deposited 929 $BTC($66.16M) to #Binance in the past hour.

Royal Government of #Bhutan currently holds 12,456 $BTC($886.58M).https://t.co/ki4I4mfRpo pic.twitter.com/w3D7IqpJ08

— Lookonchain (@lookonchain) October 29, 2024

Further details are available on the Arkham Intelligence platform, confirming that Bhutan’s Bitcoin holdings amount to 12,456 BTC, valued at approximately $886.58 million.

The transfer, conducted in two separate transactions on October 29, was followed by an additional movement of 102 BTC, worth over $7 million, to Binance, highlighting significant BTC activity by the Bhutanese government.

Bhutan’s Strategic Shift into Bitcoin Mining

The Kingdom of Bhutan’s substantial Bitcoin holdings are reportedly managed through Druk Holdings and Investments (DHI), the nation’s investment arm, leveraging the country’s abundant hydroelectric power for Bitcoin mining.

Currently, Bitcoin (BTC) is trading at $71,931.09, with a 0.97% increase in the past day and an 8.25% rise over the past week. These transactions occur amidst Bitcoin’s latest price surge, with the cryptocurrency trading at $71,667—a 3% increase in the last 24 hours—nearing its March high of $73,700.