Bhutan’s government made a significant move in the cryptocurrency space on October 29 by transferring 929 Bitcoin (BTC), worth over $66 million, to a Binance deposit address. This marks the country’s first recorded transfer to a centralized crypto exchange since July. The initial transaction involved a test transfer of 100 BTC (approximately $7.3 million), followed by a larger transaction of 839 BTC, worth around $59 million.
Data from Arkham, which recently started tracking Bhutan’s cryptocurrency holdings, reveals that Bhutan’s Bitcoin reserves are nearly $1 billion. Managed by Druk Holding & Investment, Bhutan’s investment department, this accumulation ranks Bhutan as the fifth-largest sovereign Bitcoin holder globally.
Unlike other nations that obtained cryptocurrency primarily through asset seizures, Bhutan’s approach has been different. Since 2023, Bhutan has invested in Bitcoin mining, generating substantial returns, estimated at over $750 million in just over a year. This unique method has allowed Bhutan to build a significant Bitcoin position without relying on external acquisitions.
Following these recent transfers to Binance, Bhutan’s Bitcoin holdings remain robust at 12,456 BTC, valued at around $885 million. Bitcoin’s recent price increase, reaching over $71,000, suggests potential for further gains, with some analysts predicting a test of its all-time high of over $73,000.
In addition to Bitcoin, Bhutan holds about $600,000 in Ethereum, as well as smaller amounts of other cryptocurrencies, diversifying its digital asset portfolio.
