10-7-2025 – The Royal Government of Bhutan transferred 212.31 BTC, valued at $23.61 million, to a Binance deposit address on Thursday, as first reported by The Block, citing Arkham Intelligence data. This move coincides with Bitcoin reaching a new all-time high above $112,000, marking Bhutan’s second significant transfer to the exchange in a week. The transfer follows a $14.75 million Bitcoin deposit to Binance last week, the largest movement of Bhutan’s crypto holdings since November 2024.
Managed by Druk Holding & Investments, Bhutan’s state investment arm, the country’s Bitcoin portfolio is valued at approximately $1.3 billion, representing 40% of its GDP. Unlike many nations that acquire Bitcoin through seizures, Bhutan has built its reserves through eco-friendly mining operations powered by its abundant hydroelectric resources. The kingdom still holds 11,711 BTC and 656 ETH, worth $1.8 million, according to Arkham. These transfers suggest Bhutan may be capitalizing on Bitcoin’s recent 6.3% price rally to liquidate portions of its holdings, though the government has not disclosed its intentions.
Such moves to exchanges often indicate sales, potentially to fund national initiatives like the Gelephu Mindfulness City project or to bolster foreign currency reserves. Bhutan’s strategic use of cryptocurrency, including Binance Pay adoption for tourism, underscores its innovative approach to integrating digital assets into its economy.
