Bhutan Transfers Fresh $49 Million In Bitcoin To Binance – What’s Behind The Move?

The Royal Government of Bhutan is still making strategic use of its Bitcoin assets. On December 10 the government dispatched 502 Bitcoin, or around $49.42 million, to two platforms, Binance and QCP Capital. Blockchain tracking service Arkham Intelligence says that this is the most current of a scheduled sell-off meant to maximize earnings by leveraging changes in the market.

Bhutan sent 402 Bitcoin, which is worth $39.56 million, to Singapore-based QCP Capital in four separate transfers. A short time later, Binance got an extra 100 coins, which were worth $9.81 million. This is the latest in a series of deals like this that started in October. In that time, Bhutan sold a total of 1,696 BTC and made $139 million, with each crypto unit selling for an average of $81,999.

On November 14, 2024, Bhutan made a big sell through Binance, offloading 367 BTC for about $33.5 million. At the same time, the alpha coin hit an intraday high of more than $90,000. This transaction was one of the Bhutanese government’s more lucrative decisions, according to Arkham Intelligence, demonstrating its skill at market timing.

Bhutan still holds a sizable amount of Bitcoin—11,688 BTC, or over $1.15 billion—despite these recent sell-offs. Along with the US, China, UK, and Ukraine, the Himalayan monarchy is now one among the top five countries in the world in terms of crypto ownership.