Bhutan Transfers Portion of Bitcoin Reserves

On June 30th, the government of Bhutan transferred 137.245 BTC to the cryptocurrency exchange Binance. This is indicated by on-chain data from Arkham Intelligence.

At the time of writing, these coins are valued at $14.68 million.

The kingdom’s total reserves in the leading cryptocurrency amount to 11,924 BTC, valued at $1.27 billion.

Bhutan has accumulated bitcoins through state-run mining operations. These are managed by Druk Holdings in partnership with Bitdeer Technologies.

The transfer to Binance has led to speculation about potential market pressure. The Bhutanese government has not commented on the reasons for the transaction.

Earlier, the kingdom’s authorities implemented crypto payments to modernize the financial system and attract tourists, with support from Binance.