On December 10, Bhutan sent 502 Bitcoin, valued at about USD 49.42 million, to Binance, a Singaporean cryptocurrency trading company. This is the government’s most recent Bitcoin transfer. These bitcoin exchange deposits are frequently linked to sale intents. Bhutan has traded 1, 696 Bitcoin, worth USD 139 million, since the October spike in the price of the cryptocurrency. The average price per Bitcoin sold through Binance and QCP Capital was USD 81,999. Bhutan made two transactions totaling 929 BTC, or USD 66.16 million, to the Binance cryptocurrency exchange. At that time, one Bitcoin was worth USD 70,000.
In July, the government-affiliated wallet sent USD 24.1 million to the Kraken bitcoin market.
Bhutan has around 11,688 BTC, or USD 1.15 billion, spread among seven wallets, notwithstanding the recent sell-offs. It is the fourth-largest government Bitcoin holder in the world and accounts for 27% of the nation’s USD 2.9 billion GDP. In contrast to many other nations that acquired their Bitcoin holdings through illegal asset seizures, Bhutan developed its deposits through mining activities fueled by its plentiful hydropower. To encourage Bitcoin mining in the nation, Druk Holding and Investments and Bitdeer Technologies Group launched a USD 500 million fund in May 2023. Bhutan declared in April of this year that it will increase its mining capacity by 500 megawatts by the middle of 2025, increasing it to 600 megawatts overall.
