Over two weeks, Bhutan’s government transferred $74M worth of Bitcoin to Binance, potentially profiting as the cryptocurrency reaches fresh all-time highs.
The Bhutanese Royal Government transferred 99.47 Bitcoin through its investment arm, Druk Holding. Cryptocurrency exchange Binance received BTC$121,926 at the time, equivalent to $12.05 million.
The blockchain analytics tool Onchain Lens noticed this most recent transaction on Monday. It raises the total amount of Bitcoin transactions made by the Bhutanese government in the past two weeks to 650, or $74.24 million.
These actions suggest that the government profits from its Bitcoin investments as the markets get positive.
Bhutan shifts its holdings as Bitcoin hits a record high.
Arkham reports that the government transferred 137.24 BTC to Binance on June 30, following a two-week period of inactivity. At the time of the transfer, the value of Bitcoin was approximately $14.7 million.
The wallet consistently moved between two and 200 BTC to Binance over the next two weeks.
Just two hours after the asset hit the $120,000 price point, its most recent Bitcoin transfer occurred. Bitcoin was trading around $122,300 at the time of writing and didn’t appear to be slowing down.
Bhutan’s Bitcoin holdings are substantial thanks to Druk Holding. According to Arkham data, the nation owns 656 Ether ($3,040) worth over $2 million and 11,411 Bitcoin ($1.4 billion) at current market values.
Bhutan’s connection to cryptocurrency
The Bhutanese government has adopted crypto as a component of its growth plan. The current ruler, King Jigme Khesar Namgyel Wangchuck, has implemented policies like a cryptocurrency reserve and hydro-powered Bitcoin mining.
To strengthen its tourism industry, the nation partnered with Binance in May to introduce cryptocurrency payments. Nevertheless, the country has obstacles to adoption, such as erratic internet connectivity.
