The government of the Kingdom of Bhutan transferred 213.31 $BTC (approximately $23.7 million) to the cryptocurrency exchange Binance just a few hours after the rate of $BTC exceeded the mark of $113,500. This was reported by analysts from the platform Arkham Intelligence. According to them, the exact reason for the transfer is unknown; however, such transactions to centralized exchanges typically precede asset sales.
According to Arkham's calculations, Bhutan currently still holds about 11,711 BTC, which is equivalent to $1.38 billion, or approximately 40% of the country's GDP. Among other digital assets in reserves is 656 ETH. The management of cryptocurrency assets is carried out by the state fund Druk Holding & Investments (DHI).
Unlike a number of states that obtain cryptocurrency mainly through seizures, Bhutan is engaged in Bitcoin mining. The country uses the excess energy from its hydroelectric power stations for mining. Earlier, analysts from Arkham Intelligence noted that in terms of government reserves in BTC, Bhutan ranks third in the world.