The Royal Government of Bhutan transferred 137.245 bitcoin worth about $14.77 million to crypto exchange Binance on June 30, according to blockchain data from Arkham Intelligence. This fresh transaction comes as Bhutan’s total bitcoin holdings have grown to 11,924 BTC, valued at approximately $1.28 billion at current market prices of around $107,000.
The small Himalayan kingdom has become a significant player in the crypto space, with its bitcoin stash representing a sizable chunk of its economy. The holdings were built largely through state-backed mining operations under Druk Holdings, working alongside Bitdeer Technologies, which is expanding local mining capacity to 600 megawatts by 2025.
The latest Binance deposit has fueled speculation about potential selling pressure, although no one from the government has not commented publicly on the reason for the transfer.
Some investors of late are questioning why bitcoin has not surged to new all-time highs despite significant corporate buying. These investors, however, fail to take into account large holders (like Bhutan) sitting on heavy profits who are happy to unload a portion of their stakes, balancing that heavy buy pressure.