Bhutan Moves $66M Bitcoin to Binance, Holds $887M Total

The Kingdom of Bhutan has made headlines by transferring 929 Bitcoin (BTC), valued at approximately $66.1 million, to the cryptocurrency exchange Binance. This significant move occurred in two transactions on October 29, 2024, marking Bhutan's first major transfer to an exchange since a July deposit of 381 BTC to Kraken.

Despite this transaction, Bhutan retains a substantial cryptocurrency portfolio, holding 12,456 BTC, which is valued at around $887 million. This positions Bhutan as the fifth-largest known government holder of Bitcoin globally, trailing only the United States, China, the United Kingdom, and Ukraine.

Bhutan's Bitcoin reserves are unique; rather than acquiring these assets through seizures like many nations, the kingdom has built its holdings through eco-friendly mining operations since 2019. Utilizing its abundant hydroelectric resources, Bhutan has focused on sustainable practices in its cryptocurrency endeavors.

The recent transfer to Binance has sparked speculation about potential selling pressure in the market as Bitcoin approaches all-time highs. With current trading prices around $71,400, analysts are closely monitoring Bhutan's next moves in the volatile cryptocurrency landscape.