Coinbase Launches Off-Exchange Settlement, Bhutan Moves $23M in BTC, CZ Backs BNB IPO Effort
The Royal Government of Bhutan moved 212.31 BTC, valued at approximately $23.61 million, to Binance on Thursday. On-chain analytics platform Arkham flagged the transaction, which occurred just hours after Bitcoin briefly hit an all-time high of $112,152. This follows a $14.75 million BTC transfer made by Bhutan to Binance last week, the most substantial movement of its holdings since November.
arm, Druk Holding & Investments, manages the country’s Bitcoin reserves, which still amount to over 11,700 BTC worth approximately $1.3 billion. That figure represents around 40% of Bhutan’s gross domestic product. According to Arkham, the country’s only other major crypto asset is ETH, with a holding of 656 tokens.
Bhutan’s accumulation strategy differs from that of most nation-states, which typically obtain Bitcoin through law enforcement seizures. Instead, Bhutan mines Bitcoin using hydroelectric power. Arkham suggests that mining operations may be routed through Ant Pool, leveraging the country’s energy resources for eco-friendly accumulation.
