Bhutan Government Moves Bitcoin to Binance Exchange

Key Points:

• The Bhutan Government transferred a significant amount of Bitcoin to Binance, possibly to take profits.
• This move follows a similar transfer in October, adding to the growing trend of governments holding and transacting in Bitcoin.

Bhutan Government moved a significant amount of Bitcoin to Binance, likely to take profits, amid rising prices and a new ATH for BTC.

Bhutan Government Transfers $34 Million in Bitcoin to Binance

According to on-chain data from Arkham Intelligence, a cluster of wallet addresses owned by the Bhutan government moved 374,217 Bitcoin (worth $34.144 million) out of their wallets on the evening of November 14, 2024.

Most notably, 367,263 BTC (equivalent to $33.51 million) was transferred to Binance’s wallet, likely to “take profit” – according to sources from Wu Blockchain.

The last time the Bhutan government’s Bitcoin wallet cluster made a similar move was at the end of October, with a total transfer of 935,031 BTC (about $66 million).

Read more: Metaplanet Bitcoin Holdings Helps Company Earn $28 Million in Profit

Bhutan’s Bitcoin Holdings and Strategy

Bhutan admitted in May 2023 that it had been mining Bitcoin since 2019, using the abundant hydropower resources in the country. Information from September 2024 showed that Bhutan held 13,029 BTC, equivalent to more than $754 million, making the “happy kingdom” the fourth largest Bitcoin-holding government in the world, after the US, China, and the UK.

However, unlike those powers, which mainly obtained Bitcoin from cracking down on criminal activities, Bhutan actively mines this cryptocurrency through Druk Holdings.

Currently, the Bhutan government’s wallet address cluster still holds 12,206 BTC worth $1.11 billion. Although the amount held has decreased compared to last month, the portfolio value has increased by $356 million in profit (equivalent to a profit of more than 47%) as Bitcoin’s value reached a new ATH of $91,000 per coin. In addition, they also hold 656 ETH worth $2.11 million along with some other memecoins.