Share this article
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.
Share this article
Save 32%: As of Aug. 18, you can grab the Loop Quiet 2 earplugs at…
Japan’s Financial Services Agency (FSA) is preparing to approve the country’s first Yen-denominated stablecoin. This…
In a milestone for the blockchain, Solana briefly surpassed 100,000 transactions per second (TPS) on…
FIFA Rivals, the high-energy mobile football game from FIFA and Mythical Games, has entered into…
If I put a box on its side and cannot grasp the product to lift…
Ether exchange-traded funds (ETFs) stole the spotlight last week with $2.85 billion in inflows, their…