Bhutan Transfers $66M in Bitcoin to Binance, Signaling Strategic Shift

The Kingdom of Bhutan has taken a significant step in its crypto strategy, transferring Bitcoin to a centralized exchange for the first time since July 1. Blockchain analytics firm Arkham confirmed that Bhutan’s government moved 929 BTC—worth over $66 million—to a Binance deposit address on Oct. 29. This move slightly reduces Bhutan’s sizable cryptocurrency holdings.

The transfer began with an initial 100 BTC, approximately $7.3 million, in what seemed to be a test transaction. This was followed by a larger transfer of 839 BTC, valued at around $59 million. Bhutan’s crypto holdings have been monitored by Arkham since September, uncovering that the nation holds close to $1 billion in Bitcoin assets.

Managed by Druk Holding & Investments, Bhutan’s state-owned investment body, the nation’s BTC reserves rank among the world’s largest government-controlled cryptocurrency holdings. The U.S. leads with 203,239 BTC, followed by China’s 190,000 BTC, the United Kingdom’s 61,245 BTC, and Ukraine. Bhutan’s substantial holdings stand out, particularly because they were mined directly by the government rather than acquired through seizures, as seen in other countries. Bhutan began investing in Bitcoin mining operations in 2023, generating over $750 million in BTC within just over a year.

Following these recent transfers, Bhutan retains 12,456 BTC, valued at over $885 million due to recent market gains. Bitcoin recently surpassed $71,000, prompting analysts to predict a potential test of its March all-time high of over $73,000. Additionally, Bhutan holds about $600,000 in Ethereum and has minor positions in other cryptocurrencies.

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