The Kingdom of Bhutan has made a significant move by transferring Bitcoin to a centralized crypto exchange for the first time since July 1. Recent data confirmed that Bhutan’s government sent 929 Bitcoin, valued at over $66 million, on October 29 to a Binance deposit address, slightly reducing its substantial crypto holdings. Initially, officials moved 100 BTC, equivalent to $7.3 million, to the exchange as a test transaction. This was followed by a transfer of 839 BTC, valued at approximately $59 million.

Bhutan’s Crypto Holdings

Tracking of Bhutan’s crypto holdings began in September, revealing that the small Asian nation held nearly $1 billion in Bitcoin. Since 2023, Bhutan has heavily invested in BTC mining, generating over $750 million in Bitcoin in just over a year. Druk Holding & Investment, Bhutan’s investment department, manages its BTC reserves, making Bhutan the holder of the world’s fifth-largest sovereign-controlled Bitcoin stack.

The Royal Government of Bhutan deposited 929 BTC ($66.16M) to Binance in the past hour. The Royal Government of Bhutan currently holds 12,456 BTC ($886.58M).

Comparison with Other Nations

Globally, Bhutan ranks fifth in government-held Bitcoin balances, following the U.S. with 203,239 BTC, China with 190,000 BTC, the United Kingdom with 61,245 BTC, and Ukraine. Unlike these countries, which obtained much of their crypto holdings through seizures, Bhutan mined its holdings using computing power from a repurposed educational project.

Current Holdings and Market Trends

Following its transfers to Binance, Bhutan still retains 12,456 BTC, worth over $885 million due to the recent surge in the crypto market. Bitcoin recently crossed $71,000, with analysts suggesting it could retest its all-time high of over $73,000 from March. In addition to Bitcoin, Bhutan also owns an estimated $600,000 in Ethereum and holds smaller amounts in other cryptocurrencies.

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