Bhutan has just transferred 137 BTC, valued at approximately $14.77 million, to Binance. The himalayan country has over $1.2 billion in digital assets, however, this was their first ever transaction in 7 months. It raised speculations across the crypto community: is Bhutan cashing in profits or setting the stage for something larger.
According to on-chain data, the Royal Government of Bhutan continues to hold 11,924 BTC worth over $1.1 billion. The country’s involvement in crypto assets has been largely under the radar until recent years with reports surfacing in 2023 revealing its sovereign wealth fund, Druk Holdings & Investments (DHI) actively invests in Bitcoin and other digital assets.
Today’s move raised eyeballs as transfers to Binance exchange indicate an intent to sell. However in a recent panel discussion co-hosted by Binance, Bhutanese officials laid out a broader and clear vision to bring crypto out of theory and into everyday life.
Hence, instead of selling off BTC for profits the recent transaction might be a required step to achieve their future goals. Bhutan is already working with Binance to enable cost free crypto transactions for over 1,000 merchants across the country.
Bitcoin Price Chart
Bitcoin price chart, Source: CoinMarketCap
At the time of writing this, Bitcoin is trading at $107,745 with a mere weekly gain of 5%. The uptick was observed on June 24 itself, the rest of the week BTC has traded sideways in the range of $107,750 to $165,000.