Key Takeaways
- Bhutan transferred 512.84 BTC ($62.6 million) to Binance over four days.
- The country's holdings, managed by Druk Holdings & Investments, still stand at 11,411 BTC ($1.4 billion).
- Bhutan's bitcoin reserves are primarily sourced from mining powered by hydroelectric energy.
The Royal Government of Bhutan has moved 512.84 BTC—valued at $62.6 million—to a Binance deposit address over the past four days, coinciding with bitcoin reaching multiple new all-time highs.
Arkahm data
According to Arkham data, Bhutan executed six transfers to the same Binance deposit address since last Thursday.
The most recent transfer of 99 BTC occurred today at around 2:10 a.m. ET.
This activity follows a transfer of 137.245 BTC at the end of June, the largest movement of Bhutan’s holdings since a $33 million deposit in November, when bitcoin was nearing $100,000.
Potential selling
Such timing suggests Bhutan may be selling bitcoin during price rallies.
The country’s sovereign wealth fund, Druk Holdings & Investments, manages these assets.
Current Arkham data indicates Bhutan still holds 11,411 BTC—worth about $1.4 billion—which represents more than 40% of the nation’s GDP.
Information on the country’s holdings can also be found on the Bhutan government bitcoin holdings tracker.
Mining
Bhutan has largely accumulated its bitcoin through mining, leveraging its hydroelectric power for sustainable operations.
Meanwhile, bitcoin set another all-time high above $123,000 today, driven by strong institutional demand and optimism around upcoming U.S. legislation.
Arkham commented on the timing of these transfers:
“The Bhutan government has a pattern of moving bitcoin to exchanges during periods of price appreciation.”
