Bhutan Transfers $65 Million in Bitcoin to Binance, Prepares for Sale

The Kingdom of Bhutan transferred $65.66 million in Bitcoin to Binance accounts on-chain data reveals. Bhutan likely intends to sell these assets, yet continues state-run mining operations.

Bhutan is one of several governments to sell off Bitcoin holdings this year, but the first to choose Binance for the transactions.

Bhutan’s Bitcoin Selloff

Blockchain analytics firm Arkham Intelligence reports that Bhutan may be planning to sell $65.66 million in Bitcoin. On-chain data shows the Bhutanese government deposited this amount onto Binance earlier today, marking its first asset transfer to exchanges since July.

Arkham has a history of monitoring government wallets for potential asset sales. For example, its vigilance around US government accounts enabled it to break the story of a $20 million hack earlier this week. The company also claimed that a large portion of Bhutan’s stockpile comes from independent mining operations, which it has monitored.

“The Royal Government of Bhutan operates a large Bitcoin mining operation through its national investment company, Druk Holdings and Investments. In the second half of 2023, Bhutan’s Bitcoin mines were mining around 780 BTC per month (~26 BTC/day). Geographical data combined with on-chain data shows that Bhutan’s Bitcoin mines are still active,” the firm said.

Bhutan's Mining and Binance Deposit — Bhutan Mining and Binance Deposit. Source: Arkham Intelligence

Bhutan’s government has been conducting large-scale crypto investments for some time now. For example, Druk Holdings and Investments quietly bought millions in Bitcoin and other assets in early 2023. The company kept its larger strategy under wraps, and the kingdom’s crypto stockpile and mining operations only became widely known this year.

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Government Bitcoin Sales in 2024

Binance is an unusual choice for a major government asset sale. Both the US and Germany have conducted similar multimillion-dollar selloffs this year, and they consistently used competitors like Coinbase and Kraken. However, Binance’s legal troubles with the US and Germany may have influenced this decision, whereas Bhutan has no quarrel with the firm.

Ultimately, this particular selloff is unlikely to strongly impact global Bitcoin prices. Germany caused selling pressure in June when it offloaded $425 million in Bitcoin, but this was different for several reasons. First off, it disposed of significantly higher amounts. Also, critically, it directly intended to rid itself of all its crypto holdings.

Bhutan, on the other hand, is still conducting mining operations on a daily basis. At the time of this writing, the government currently holds Bitcoin worth over $900 million, and over a million in Ethereum. Bhutan has no apparent plans to divest itself of its crypto programs entirely.