On the morning of October 29, the Royal Government of Bhutan moved ~935 BTC ($66.4 million) to the deposit address of the largest crypto exchange Binance, data shows Arkham.
The transfer was carried out in two parts: first 102.782 BTC, and after about an hour – 832.249 BTC.
Government of Bhutan transactions. Data: Arkham.
Before this, the last time the Bhutanese authorities sent bitcoins to a centralized exchange was on July 1 – on Kraken 381 BTC received worth $24.1 million at the time.
The reason for the latest operation is unknown, but historically deposits on CEX Sales often follow.
At the time of writing, the total value of crypto assets held by the Bhutanese government exceeds $890 million.
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.
The largest holders of crypto assets among countries. Data: Bitcoin Treasuries.
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 $71,170; 3.4% remains to the historical maximum, according to CoinGecko.
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.
Stay informed! Subscribe to World Stock Market in Telegram.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
