Bhutan Transfers $23.7 Million in Bitcoin to Binance

On July 10, the government of Bhutan transferred 213.31 BTC ($23.7 million) to the Binance exchange, according to Arkham. The transaction occurred hours after Bitcoin’s price reached a historic high near $113,500.

The exact reason for the transfer remains unknown. However, such deposits on centralized platforms typically precede asset sales.

According to Arkham, Bhutan still holds 11,711 BTC ($1.38 billion), equivalent to 40% of the country’s gross domestic product. The reserves also include 656 ETH.

The assets are managed by the state investment fund Druk Holding & Investments. Unlike many countries that acquire cryptocurrency through confiscations, Bhutan engages in mining. The kingdom utilizes its hydroelectric resources for Bitcoin mining.

According to BitcoinTreasuries, Bhutan ranks sixth globally in Bitcoin reserves.

Earlier, on June 30, the government of Bhutan transferred 137.245 BTC to Binance. The transaction sparked speculation about potential market pressure.

The kingdom’s authorities are implementing crypto payments to modernize the financial system and attract tourists with Binance’s support.