- The onchain analytics tool Arkham reports that the Royal Government of Bhutan sent 929 BTC ($66 million) to Binance.
- Since sending $24 million worth of bitcoin to Kraken in July, Bhutan has never before sent the cryptocurrency to an exchange.
On Tuesday morning, the Royal Government of Bhutan sent roughly 929 Bitcoin ($66.1 million) to a deposit address of the cryptocurrency market Binance.
According to the onchain analytics platform Arkham, which started monitoring Bhutan’s holdings in September, the country first sent 100 BTC ($7.1 million) to Binance at 9:09 a.m. UTC, and then another 839 BTC ($59 million) at 9:56 a.m. UTC.
According to Arkham’s data, Bhutan hasn’t transferred bitcoin to a cryptocurrency exchange since depositing 381 BTC, or $24.1 million at the time, to Kraken on July 1. Although these payments to cryptocurrency exchanges are frequently made in order to sell the assets, the motive behind the most recent transfer is unknown.
The blockchain analytics platform Lookonchain first reported the action and pointed out that Bhutan still possesses about 12,456 Bitcoin, which is presently worth about $886 million. On October 18, Bhutan also transferred 228.8 ETH ($600,000) to a Binance hot wallet address; its only other significant cryptocurrency holding at the moment is $1.7 million in ether.
Druk Holding & Investments, Bhutan’s official investment arm, is in charge of the bitcoin. According to Bitcoin Treasuries statistics, Bhutan’s balance places it as the fifth-largest nation-state owner of bitcoin, behind the US with 203,239 BTC, China with 190,000 BTC, the UK with 61,245 BTC, and Ukraine with 46,351 BTC.
Bhutan has started mining bitcoin to increase its holdings, using the nation’s plentiful hydroelectric power to power environmentally friendly mining facilities, in contrast to many other nations who often obtain their bitcoin through illegal seizures.
Price of bitcoin is currently $71,513, up 6% in the last week and within 4% of its previous all-time high of around $74,000 achieved in March.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
