Bhutan GovernmentLinked Wallet Transfers 929 BTC to Binance Amid Bitcoin Price Surge

Bijie.com reports:
The Kingdom of Bhutan government has taken a significant step by depositing 929 BTC into the cryptocurrency exchange Binance.
After Bitcoin surged above $70,000 for the first time since June 10, this activity was marked.
Bitcoin transferred to Binance
Lookonchain quoted Arkham Intelligence’s data in its latest tweet, which showed that wallets associated with the Bhutanese government transferred approximately $66.16 million worth of hidden assets through two transactions on October 29.
Currently, Bhutan
holds
12,456 BTC, equivalent to approximately $891 million. The motive behind the transfer is unclear, but deposits into cryptocurrency exchanges are usually related to plans to sell assets, especially after Bitcoin surged over 5% in the past day and climbed above $71,700. BTC reached new heights in the following hours,
soaring
to $73,000 for the first time since the ATH period in March.
Interestingly, this is the first time Bhutan has sent Bitcoin to a cryptocurrency exchange
for deposit
. In July, 381 BTC was exchanged for Kraken. Additionally, just under ten days ago, a wallet linked to the country
transferred
228.8 ETH, worth approximately $600,000, into Binance’s hot wallet, leaving $1.72 million worth of Ether as its only other significant cryptocurrency holding.
Bhutan’s Bitcoin reserves
Unlike many countries that obtain Bitcoin through criminal seizures, Bhutan has been actively
mining
the cryptocurrency. According to some reports, the value of this digital asset has been around $5,000 since 2017. This landlocked country in the eastern Himalayas has been utilizing its abundant hydroelectric resources for sustainable mining activities.
In May 2023, the Bhutanese government also partnered with the Nasdaq-listed mining company Bitdeer to develop a 100% carbon-neutral Bitcoin mining operation in the country.
As a result of these efforts, Bhutan is now the fifth-largest known holder of BTC, following the United States, China, the United Kingdom, and Ukraine,
according to data
compiled by Bitcoin Treasuries. These assets are held by the Bhutanese national investment agency, Druk Holding & Co.
Bhutan is also venturing into Bitcoin mining as a new source of income to cope with the drastic decline in tourism revenue caused by the COVID-19 pandemic. According to the local newspaper “Bhutanese,” funds generated from Bitcoin mining
are helping
provide funding for a 50% salary increase for some government officials.