Key Takeaways
The Bhutan government moved 517 Bitcoin worth $59 million to a new wallet.
Bhutan still holds 10,769 Bitcoin valued at $1.2 billion.
The Royal Government of Bhutan moved 517 Bitcoin worth approximately $59 million to a new wallet on Tuesday, according to data from Arkham Intelligence.
It remains unclear whether the government intends to cash in on its Bitcoin holdings. In the past, Bhutan’s government has often sold portions of its BTC following major transfers, with the coins typically ending up on Binance.
The most recent transfer occurred in mid-July, when 650 BTC, worth roughly $74 million, was sent to Binance.
Following today’s move, Druk Holdings, the government’s investment arm, still holds 10,769 BTC, valued at approximately $1.2 billion.
At press time, Bitcoin was trading at $114,500, down 3% over the past seven days, according to TradingView.
Bhutan is known for its embrace of crypto. In May, it became the first country to launch a nationwide crypto-powered payment system for its tourism sector. Binance Pay and Bhutan’s state-owned DK Bank have partnered to facilitate this initiative.
The government is adopting green crypto mining, powered by hydropower, to bolster its economy and counteract brain drain. Utilizing clean energy, the country’s goal is to attract investment by offering digital assets that align with corporate ESG goals.
