The Royal Government of Bhutan has made another significant move in the cryptocurrency market, transferring 99.47 Bitcoin (BTC), valued at $12.05 million at the time of the transaction, to the crypto exchange Binance. This latest transfer, flagged by blockchain analytics platform Onchain Lens on Monday, brings the Bhutanese government’s total transfers over the last two weeks to 650 Bitcoin, worth $74.24 million.
These strategic movements by the Himalayan kingdom, executed through its investment arm Druk Holding & Investments (DHI), suggest a potential move to capitalize on the current bullish market sentiment, as Bitcoin continues its record-breaking rally.
Bhutan Moves Stash as Bitcoin Breaks All-Time High
The government's Bitcoin wallet, which had been dormant for two weeks, reactivated on June 30 with an initial transfer of 137.24 BTC to Binance. At that time, Bitcoin was trading around $107,000, valuing the transfer at approximately $14.7 million. Over the subsequent two weeks, the wallet consistently moved BTC to Binance, with individual transfers ranging from two to 200 BTC.
Notably, Bhutan's most recent Bitcoin transfer occurred just two hours after the asset breached the $120,000 price point for the first time. At the time of writing, Bitcoin was trading at $122,300 and showed no signs of slowing down.
According to data from Arkham Intelligence, Druk Holding has amassed a considerable Bitcoin stash, with the country holding 11,411 BTC, worth nearly $1.4 billion at current market prices. Additionally, Bhutan holds 656 Ether (ETH), valued at almost $2 million.
Bhutan’s Progressive Relationship with Crypto
Under the visionary leadership of its monarch, King Jigme Khesar Namgyel Wangchuck, Bhutan has actively embraced cryptocurrency as an integral part of its national development strategy. Key initiatives include pioneering hydro-powered Bitcoin mining operations and establishing a national crypto reserve.
In a further step to integrate digital assets into its economy, Bhutan partnered with Binance in May to implement crypto payments for its tourism sector. This initiative aims to boost the industry by enabling seamless digital transactions for visitors. Despite these progressive strides, the country faces ongoing challenges to widespread crypto adoption, primarily due to issues like unstable internet connections.
July 2025, Cryptoniteuae