Bhutanese GovernmentLinked Wallet Transfers 929 BTC to Binance Amid Bitcoin Price Surge

Bijiewang reported:
The Kingdom of Bhutan government has taken a major step by depositing 929 BTC into the cryptocurrency exchange Binance.
This activity was marked shortly after Bitcoin reached over $70,000 for the first time since June 10th.
Bitcoin transferred to Binance
Lookonchain, in its latest tweet, quoted data from Arkham Intelligence, which showed that wallets associated with the Bhutanese government transferred concealed assets worth about $66.16 million through two transactions on October 29th.
Currently, Bhutan holds 12,456 BTC, equivalent to approximately $891 million. The motive behind the transfer is not clear, but deposits into cryptocurrency exchanges are usually associated with plans to sell assets, particularly as Bitcoin surged over 5% in the past day and climbed above $71,700. BTC reached a new high of $73,000 in the following hours.
Interestingly, this is the first time Bhutan has sent Bitcoin to a cryptocurrency exchange since its establishment, depositing 381 BTC into Kraken in July. Additionally, about ten days ago, a wallet linked to the country transferred 228.8 ETH worth about $600,000 into Binance’s hot wallet, leaving Ethereum as its only other significant cryptocurrency holding, worth $1.72 million.
Bhutan’s Bitcoin reserves
Unlike many countries that acquire Bitcoin through criminal seizures, Bhutan has been actively mining. According to some reports, the value of this cryptocurrency has been around $5,000 since 2017. This landlocked country in the eastern Himalayas has been utilizing its abundant hydroelectric resources for sustainable mining activities.
In May 2023, the Bhutanese government also partnered with the Nasdaq-listed mining company Bitdeer to develop a 100% carbon-neutral Bitcoin mining business in the country.
Due to these efforts, Bhutan is now the fifth-largest known holder of BTC, following the United States, China, the United Kingdom, and Ukraine, according to Bitcoin Treasury data. These assets are held by the Bhutanese state investment agency, Druk Holding & Co.
Bhutan is also venturing into Bitcoin mining as a new source of income to cope with the drastic decline in tourism revenue caused by the COVID-19 pandemic. According to the local newspaper “The Bhutanese,” funds generated from Bitcoin mining are helping to provide a 50% salary increase for some government officials.