Bhutan, the Third Richest Bitcoin Country in the World, Transfers 23.73 Million USD to an Exchange, Marking the First Transaction Since Late June.
The Royal Government of Bhutan made a notable move by transferring 213.5 BTC worth 23.73 million USD to Binance's deposit address on Thursday morning. This is the first Bitcoin transaction for this Himalayan nation since late June, according to data from the onchain analysis platform Arkham Intelligence. This transaction raises questions about Bhutan's intentions for its massive Bitcoin reserve.
After this transaction, the Royal Government of Bhutan still holds 11,711 BTC, valued at approximately 1.32 billion USD. This reserve is managed by Druk Holding and Investments Limited (DHI), the government's commercial and investment arm established by Royal Decree in 2007. With its current Bitcoin holdings, Bhutan officially ranks third in the world in Bitcoin ownership, after the United States and the United Kingdom.
Notably, Bhutan mines Bitcoin using renewable energy, leveraging the country's abundant hydroelectric potential. This sustainable mining method not only helps the nation generate significant revenue but also demonstrates environmental commitment. Prime Minister Tshering Tobgay previously stated that Bitcoin profits have contributed to increasing legislators' salaries and funding community healthcare programs.
Bitcoin Strategy of a Small Nation
Bhutan's transfer of Bitcoin to an exchange raises many speculations about its true purpose. While some analysts suggest this could be a move to sell and realize profits, others believe the government may be restructuring its investment portfolio or preparing for long-term economic development plans.
Arkham Intelligence questioned on the X platform whether the Bhutan Government is selling Bitcoin, noting that their last similar action was also at the end of June. This transaction pattern suggests Bhutan may be adopting a periodic selling strategy to maintain cash flow for government activities.
