On November 14, the Royal Government of Bhutan moved ~367.26 BTC ($33.5 million) to a Binance deposit address, data shows Arkham.
Before this, a similar transfer took place on October 29 – then the “kingdom of dragons” sent to the largest crypto exchange ~935 BTC ($66.4 million at the time of the operation).
1 July Bhutanese authorities moved 381 BTC ($24.1 million at that time) to the American exchange Kraken.
The reason for the latest operation is unknown, but historically deposits on CEX Sales often follow.
At the time of writing, the country holds $1.11 billion worth of crypto assets on its balance sheet.
Crypto assets in Bhutanese government wallets. Data: Arkham.
The funds are managed by the state investment fund Druk Holding & Investments. According to Bitcoin Treasuries, Bhutan ranks fifth in the ranking of countries holding crypto assets.
While many countries are replenishing their Bitcoin reserves through confiscated assets, the “dragon kingdom” is actively increasing its reserves through mining. To achieve this, the state uses abundant hydropower resources.
At the time of writing, the first cryptocurrency is trading around $89,000. Over the past 24 hours, its price has adjusted by 5.2% after rapid growth with a series of updates ATN.
Forbes previously conducted an investigation and found that the Kingdom of Bhutan has become a “crypto-Shangri-La” thanks to the country’s authorities allocating land, funding and energy for Bitcoin mining.
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Source: Cryptocurrency
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