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Taking Profits? Bhutan Gov Moves $66 Million BTC to Exchange, Arkham Reports
- The Royal Government of Bhutan has come from nowhere to become one of the largest sovereign holders of Bitcoin.
- Earlier this year, Bhutan held a maximum of 13,011 BTC, valued at well over AU $1b.
- However, according to two separate analytics companies, Bhutan transferred nearly 1,000 BTC to Binance yesterday, potentially signalling its intent to take profits.
- Despite the slightly bearish move, the Royal Government of Bhutan still owns over AU $1b of Bitcoin.
Whale watching has long been one of society’s favourite pastimes. Whether it’s observing a mammal soak up large volumes of krill or cash, onlookers are always left fascinated. But that interest is taken to the next level when the whale isn’t in fact a whale, but a government.
The South Asian country, Bhutan, had become one of the largest Bitcoin holders in the world throughout 2024. And the government didn’t just stumble across the coins as part of law enforcement seizures – their ownership was entirely deliberate.
At their peak, the Bhutanese Government reportedly held 13,011 BTC – worth approximately AU $1.4b.
However, the nation may be gearing up to sell some of its crypto assets, possibly taking profits following Bitcoin’s dream run over the past week.
Related: Bitcoin Bracing for ‘Potential Turbulence’ as US Election Day Nears and USDT Depegs
Despite Transaction, Royal Government of Bhutan Still Holds Over AU $1b in Bitcoin
According to crypto analytics company Arkham Intelligence, the Royal Government of Bhutan transferred 929 Bitcoins – valued at AU $100m – to Binance earlier today.
The motives for Bhutan’s deposit are unclear, however, it’s typically a sign that the government intends to sell a portion of its holdings.
The timing is a little strange, considering Bitcoin’s run to a potential new ATH – although perhaps minor profit-taking is the exact reason for Bhutan’s decision.
Despite the transfer sending a little shudder down the spine of Bitcoin enthusiasts (remember Germany’s dump earlier this year?), the Royal Government of Bhutan still holds over AU $1b worth of Bitcoin, according to Lookonchain.
Could Bhutan be Expanding its Holdings Instead of Selling?
Following the transaction, Bhutan is now the fifth-largest Bitcoin holder in the world among governments, sitting just behind Ukraine, the UK, China and the United States.
But thanks to the nation’s significant source of renewable energy, Bhutan has mined the Bitcoin themselves, instead of relying on busting crooks to fund their reserves.
This suggests the government is inherently bullish, and that perhaps the major transaction to Binance isn’t to sell their BTC after all.
In fact, the ever-friendly Crypto Twitter has a few outlandish suggestions explaining the Royal Government of Bhutan’s decision.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
