Bhutan transfers $34.5 M in Bitcoin to Binance

The Royal Government of Bhutan transferred approximately 533 Bitcoin, valued at $34.5 million, to the cryptocurrency exchange Binance on June 17, according to on-chain data from analytics firms. The transactions originated from a wallet associated with Druk Holding Investments, the state's sovereign investment arm.

The transfer was executed in multiple batches, with the largest individual transaction involving roughly 227 Bitcoin worth about $14.7 million. This movement continues a pattern of periodic transfers from Bhutanese state-linked wallets observed over the past year. Following this latest activity, Bhutan's remaining Bitcoin balance is estimated at approximately 1,750 BTC, valued at around $113 million.

This represents a significant reduction from the nation's reported peak holdings of about 13,000 Bitcoin in October 2024. The government has not publicly commented on the reasons for the recent transfer. Transfers from government wallets to exchanges are often interpreted by market observers as a precursor to selling or portfolio rebalancing.

Bhutan is a notable sovereign holder of Bitcoin, having accumulated its reserves primarily through domestic mining operations...