On November 14, the Royal Government of Bhutan moved approximately 367.26 BTC ($33.5 million) to a Binance deposit address, according to data from Arkham.
Previously, on October 29, the “Dragon Kingdom” transferred around 935 BTC ($66.4 million at the time) to the largest cryptocurrency exchange.
On July 1, Bhutan’s authorities moved 381 BTC ($24.1 million at the time) to the American exchange Kraken.
The reason for the latest transaction is unknown; however, historically, deposits to CEX are often followed by sales.
At the time of writing, the country’s balance holds crypto assets worth $1.11 billion.
The funds are managed by the state investment fund Druk Holding & Investments. According to BitcoinTreasuries, Bhutan ranks fifth among countries holding crypto assets.
While many countries increase their bitcoin reserves through confiscated assets, the “Dragon Kingdom” actively boosts its reserves through mining. The state utilizes abundant hydroelectric resources for this purpose.
At the time of writing, the leading cryptocurrency is trading around $88,400. Over the past day, its price has corrected by 5.2% following a surge with a series of updates to its ATH.
Earlier, Forbes conducted an investigation revealing that the Kingdom of Bhutan has become a “crypto Shangri-La” thanks to the government’s allocation of land, funding, and energy for bitcoin mining.
In July 2023, Bitdeer completed the construction of the Gedu bitcoin mining facility in Bhutan.