The Royal Government of Bhutan has moved $74 million worth of Bitcoin (BTC) to the cryptocurrency exchange Binance over the past two weeks, a move that analysts suggest could be a strategic play to capitalize on the asset’s recent surge to new all-time highs.
The most recent transaction, flagged by blockchain analytics platform Onchain Lens on Monday, involved 99.47 BTC, valued at approximately $12.05 million at the time, transferred to Binance through the government’s investment arm, Druk Holding. This latest transfer brings Bhutan’s total Bitcoin movements to Binance over the last fortnight to 650 BTC, amounting to $74.24 million.
The transfers began on June 30 with 137.24 BTC, at a time when Bitcoin was trading around $107,000. Subsequent transfers, ranging from two to 200 BTC, consistently occurred over the following two weeks. Notably, the most recent transfer took place just hours after Bitcoin breached the $120,000 mark for the first time, with the cryptocurrency currently trading at around $122,300 and showing continued upward momentum.
These recent activities indicate a possible strategy by the Bhutanese government to realize profits from its Bitcoin investments during a bullish market. Data from Arkham Intelligence reveals that Bhutan still holds a significant Bitcoin stash of 11,411 BTC, currently valued at nearly $1.4 billion, along with 656 Ether (ETH) worth almost $2 million.
Bhutan has been a unique player in the crypto space, embracing digital assets as part of its development strategy under King Jigme Khesar Namgyel Wangchuck. This includes initiatives such as hydro-powered Bitcoin mining and the establishment of a crypto reserve. In May, the nation even partnered with Binance to integrate crypto payments to boost its tourism sector, despite facing challenges like unstable internet connectivity.
