Bhutan Moves $23M in Bitcoin to Binance—First Transfer in Weeks by World’s 3rd-Largest Nation Holder
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Bhutan has stirred the crypto markets once again. On Thursday morning, onchain data revealed that the Royal Government of Bhutan, through its investment arm Druk Holding and Investments Limited (DHI), transferred approximately 213.5 BTC (worth $23.73 million) to a Binance deposit address. This marks the country’s first bitcoin movement since late June.

The transaction was flagged by analytics platform Arkham Intelligence, which raised questions on social media: “Is the government of Bhutan selling bitcoin?”

With this latest move, Bhutan’s bitcoin reserves now stand at 11,711 BTC, valued at around $1.32 billion. That massive stash cements Bhutan’s position as the third-largest sovereign holder of bitcoin, behind only the United States and the United Kingdom.

Bhutan has taken a unique approach to crypto adoption. The government mines bitcoin using 100% renewable energy, taking advantage of the country’s abundant hydropower. Earlier this year, Prime Minister Tshering Tobgay said that bitcoin revenues are being used to fund public services, including pay raises for government officials and improvements in healthcare.

The exact purpose of Thursday’s BTC transfer remains unclear—whether it’s for diversification, liquidation, or strategic reallocation—but it shows that Bhutan continues to be an active player in the global bitcoin ecosystem.