On the morning of October 29, the Royal Government of Bhutan transferred approximately 935 BTC ($66.4 million) to a deposit address of the largest cryptocurrency exchange, Binance, according to data from Arkham.
The transfer was executed in two parts: first 102.782 BTC, followed by 832.249 BTC about an hour later.
The last time Bhutan’s authorities sent bitcoins to a centralized exchange was on July 1, when 381 BTC valued at $24.1 million at the time were transferred to Kraken.
The reason for the latest operation is unknown, but historically, deposits to CEX are often followed by sales.
At the time of writing, the total value of crypto assets held by the Bhutanese government exceeds $890 million.
The funds are managed by the state investment fund Druk Holding & Investments. According to Bitcoin Treasuries, Bhutan ranks fifth among countries holding crypto assets.
While many countries augment their bitcoin reserves through confiscated assets, the “kingdom of dragons” actively increases its reserves through mining. The state utilizes abundant hydroelectric resources for this purpose.
At the time of writing, the leading cryptocurrency is trading around $71,170; it remains 3.4% below its all-time high, according to CoinGecko.
Earlier, Forbes conducted an investigation and found that the Kingdom of Bhutan has become a “crypto Shangri-La” thanks to the allocation of land, funding, and energy by the country’s authorities for bitcoin mining.
In July 2023, Bitdeer completed the construction of the Gedu bitcoin mining facility in Bhutan.