Kingdom

Ethereum

United

Arkham

Read

The Kingdom of Bhutan has moved Bitcoin to a centralized crypto exchange for the first time since July 1. 
Arkham data <a href="https://platform.arkhamintelligence.com/explorer/entity/druk-holding-investments" target="_blank" rel="nofollow">confirmed</a> that Bhutan’s government sent 929 Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>), worth over $66 million, on Oct. 29 to a Binance deposit address, slightly reducing its substantial crypto holdings. Officials initially moved 100 BTC, or $7.3 million, to the exchange in what appeared to be a test transaction. Bhutan subsequently transferred 839 BTC, valued at around $59 million, in a follow-up transaction. 
Arkham began tracking Bhutan’s crypto holdings in September, revealing that the small Asian nation held nearly $1 billion in Bitcoin. 
According to crypto.news, Bhutan has <a href="https://crypto.news/bhutans-bitcoin-mining-stash-exceeds-750m-arkham/" target="_blank">invested</a> heavily in BTC mining since 2023, generating over $750 million in Bitcoin in just over a year. Druk Holding &amp; Investment, Bhutan’s investment department, manages its BTC reserves, giving Bhutan the world’s fifth-largest sovereign-controlled Bitcoin stack. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Royal Government of <a href="https://twitter.com/hashtag/Bhutan?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bhutan</a> deposited 929 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$BTC</a>($66.16M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Binance</a> in the past hour. Royal Government of <a href="https://twitter.com/hashtag/Bhutan?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bhutan</a> currently holds 12,456 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$BTC</a>($886.58M).<a rel="nofollow" href="https://t.co/ki4I4mfRpo" target="_blank">https://t.co/ki4I4mfRpo</a> <a rel="nofollow" href="https://t.co/w3D7IqpJ08" target="_blank">pic.twitter.com/w3D7IqpJ08</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1851205455579922752?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 29, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
 You might also like: <a rel="" href="https://crypto.news/bhutans-bitcoin-mining-stash-exceeds-750m-arkham/"> Bhutan’s Bitcoin mining stash exceeds $750m: Arkham </a> 
The U.S., with its 203,239 BTC; China, with 190,000 BTC; the United Kingdom’s 61,245 BTC; and Ukraine hold the only government Bitcoin balances larger than Bhutan’s. 
Bhutan’s approach to acquiring BTC stands out. Unlike countries like the U.S. and China, which obtained much of their crypto holdings through seizures, Bhutan mined its holdings using computing power, repurposing a converted educational project. 
Following its transfers to Binance, Bhutan still holds 12,456 BTC, worth over $885 million with the recent surge in the crypto market. BTC recently crossed $71,000, with analysts suggesting it could retest its all-time high of over $73,000 from March. 
Bhutan also owns an estimated $600,000 in Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>) and holds smaller amounts in other cryptocurrencies. 
 Read more: <a rel="" href="https://crypto.news/bhutans-path-to-economic-self-reliance-is-bitcoin-mining-opinion/"> Bhutan’s path to economic self-reliance is Bitcoin mining | Opinion </a>

Kingdom of Bhutan deposits $66m in Bitcoin on Binance

crypto.news

Other articles published on Oct 29, 2024

Circle raises USDC cash-out fees, affecting large-scale redemptions

3 Must-Know Web3 Gaming Platforms for 2024

MANTRA Chain adds Google Cloud as primary validator

Vitalik Buterin Calls Michael Saylor's Bitcoin Custody Remarks “Batsh*t Insane”

Hong Kong Expands Tax Incentives to Include Virtual Assets, Targeting Institutional Investors

XLM: The Undervalued Gem in the Cryptocurrency Landscape

Join our free newsletter for daily crypto updates!