Bhutan Transfers 512 BTC to Binance

Over the past four days, Bhutan’s authorities have transferred 512.84 BTC ($62.6 million) to a deposit address on the Binance exchange, according to Arkham.

The transactions coincided with Bitcoin reaching a new all-time high price.

Since July 10, the government has made six transfers to the same address. The latest transaction of 99 BTC to Binance occurred on July 14.

Later, Arkham recorded another operation to an unidentified wallet — 924 BTC.

These actions may indicate a strategy of selling assets during a market upswing, according to Lookonchain. At the end of June, Bhutan had already moved 137.245 BTC to Binance.

According to Arkham, the government still holds 10,486 BTC valued at $1.28 billion. This amount constitutes over 40% of the country’s gross domestic product. The assets are managed by the sovereign investment fund Druk Holdings & Investments.

The country is increasing its Bitcoin reserves primarily through mining, utilizing surplus hydroelectric power.

According to BitcoinTreasuries, Bhutan ranks sixth globally in terms of digital gold reserves.

Earlier, the kingdom’s authorities have been implementing crypto payments to modernize the financial system and attract tourists with the support of Binance.