Key Takeaways
- Bhutan moved 800 BTC to two new wallets, possibly in preparation for a centralized exchange deposit.
- The entity still retains over 9,900 BTC, making Bhutan the sixth-largest government holder of Bitcoin.
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The Royal Government of Bhutan moved 800 Bitcoin to two new addresses today, according to data tracked by Lookonchain, potentially signaling preparations for a deposit on a centralized exchange such as Binance.
Bhutan’s government has historically sold its Bitcoin following major transfers.
The most recent transfer occurred on August 5, when 517 Bitcoin worth approximately $59 million was sent to Cobo Custody.
Following today’s move, Druk Holdings, the government’s investment arm, still holds over 9,900 BTC, valued at around $1.1 billion. Bitcoin is trading at $115,701, down 1.5% in the last 24 hours, according to TradingView.
Bhutan became the first country to launch a nationwide crypto-powered payment system for its tourism sector in May. Binance Pay and Bhutan’s state-owned DK Bank have partnered to facilitate this initiative.
The government is leveraging hydropower for green crypto mining to strengthen its economy. The country aims to attract investment by offering digital assets that align with corporate ESG goals.
According to BitcoinTreasuries.net, Bhutan ranks as the sixth-largest government holder of Bitcoin, after the US, China, UK, Ukraine, and North Korea.
The US government leads with over 198,000 Bitcoin worth about $23 billion, closely matching Treasury Secretary Scott Bessent’s recent estimate that Bitcoin holdings stand between $15 and $20 billion.
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