Bhutan Government Transfers $74M in Bitcoin to Binance Amid Record Price Surge
Royal Investment Arm Druk Holding Offloads 650 BTC as Bitcoin Tops $120K
The Royal Government of Bhutan has moved 650 Bitcoin — worth approximately $74.24 million — to Binance over the past two weeks, according to blockchain analytics platform Onchain Lens. The transactions were conducted through Druk Holding, the country’s state-owned investment arm.
The latest transfer of 99.47 BTC, valued at $12.05 million, was flagged on Monday. The timing suggests Bhutan may be realizing profits as Bitcoin reaches new all-time highs.
According to Arkham data, Bhutan’s BTC wallet had been inactive for two weeks until June 30, when it transferred 137.24 BTC — worth $14.7 million at the time — to Binance. Subsequent transfers ranged from 2 to 200 BTC. The most recent transaction occurred just two hours after Bitcoin crossed the $120,000 mark for the first time.
Bhutan Unloads Bitcoin Holdings as Price Breaks Records
At press time, Bitcoin trades at $122,300, extending its historic rally. The Bhutanese government’s transfers appear strategically aligned with this price momentum.
Bhutan, through Druk Holding, has accumulated a sizable digital asset reserve. Current data shows holdings of 11,411 BTC — worth nearly $1.4 billion — along with 656 Ether valued at around $2 million.
While the motive behind the transfers has not been confirmed, analysts suggest the government may be taking advantage of favorable market conditions to rebalance or monetize its crypto reserves.
Bhutan’s Crypto Strategy Continues Despite Infrastructure Hurdles
Bhutan has emerged as an early sovereign adopter of Bitcoin, integrating the asset into its national development strategy. Under King Jigme Khesar Namgyel Wangchuck, the country has pursued hydro-powered Bitcoin mining initiatives and digital asset reserves.
In May, Bhutan partnered with Binance to enable crypto payments for its tourism sector, reinforcing its long-term crypto ambitions. However, nationwide crypto adoption remains challenged by infrastructural limitations such as inconsistent internet connectivity.
