Kingdom of Bhutan deposits $66m in Bitcoin on Binance

The Kingdom of Bhutan has moved Bitcoin to a centralized crypto exchange for the first time since July 1.

Arkham data confirmed that Bhutan’s government sent 929 Bitcoin btc 1.71%, worth over $66 million, on Oct. 29 to a Binance deposit address, slightly reducing its substantial crypto holdings. Officials initially moved 100 BTC, or $7.3 million, to the exchange in what appeared to be a test transaction. Bhutan subsequently transferred 839 BTC, valued at around $59 million, in a follow-up transaction.

Arkham began tracking Bhutan’s crypto holdings in September, revealing that the small Asian nation held nearly $1 billion in Bitcoin.

According to pinetbox.com, Bhutan has invested heavily in BTC mining since 2023, generating over $750 million in Bitcoin in just over a year. Druk Holding & Investment, Bhutan’s investment department, manages its BTC reserves, giving Bhutan the world’s fifth-largest sovereign-controlled Bitcoin stack.

The U.S., with its 203,239 BTC; China, with 190,000 BTC; the United Kingdom’s 61,245 BTC; and Ukraine hold the only government Bitcoin balances larger than Bhutan’s.

Bhutan’s approach to acquiring BTC stands out. Unlike countries like the U.S. and China, which obtained much of their crypto holdings through seizures, Bhutan mined its holdings using computing power, repurposing a converted educational project.

Following its transfers to Binance, Bhutan still holds 12,456 BTC, worth over $885 million with the recent surge in the crypto market. BTC recently crossed $71,000, with analysts suggesting it could retest its all-time high of over $73,000 from March.

Bhutan also owns an estimated $600,000 in Ethereum eth 0.97% and holds smaller amounts in other cryptocurrencies.