The Royal Government of Bhutan transferred approximately 365 BTC ($33.3 million) to a deposit address of crypto exchange Binance on Thursday, with bitcoin hovering around all-time highs of over $90,000.
Bhutan transferred the funds to Binance at 12:06 a.m. UTC, according to the onchain analytics platform Arkham, which began tracking its holdings in September.
Besides the 929 BTC ($66.1 million) sent to the crypto exchange on Oct. 29, Bhutan has potentially offloaded nearly $100 million worth of bitcoin amid the recent price rally. The specific reason for the latest transfer is unknown, though such deposits to crypto exchanges are often made to sell the assets.
The combined transfers to Binance mark the first time Bhutan has sent bitcoin to a crypto exchange since it deposited 381 BTC, worth $24.1 million at the time, to Kraken on July 1, per Arkham’s data.
The move was initially noted by the blockchain analytics platform Onchain Lens. However, according to Arkham, Bhutan still holds some 12,206 BTC, which is currently valued at around $1.12 billion. Bhutan’s 656 ETH ($2.1 million) remains its only other substantial cryptocurrency holding.
The bitcoin is held in the custody of Bhutan's state investment wing, Druk Holding & Investments. Bhutan’s balance makes it the fifth-largest known nation-state holder of bitcoin, behind the United States (208,109 BTC), China (190,000 BTC), the United Kingdom (61,245 BTC), and Ukraine (46,351 BTC), according to Bitcoin Treasuries data.
However, while many countries tend to acquire their bitcoin via criminal seizures, Bhutan has been mining it to build up its reserves, leveraging its abundant hydroelectric power to drive eco-friendly mining operations. Its latest transfers also come amid speculation that other nation states have also begun acquiring the asset to front-run U.S. President-elect Donald Trump's pledge to establish a national bitcoin stockpile.
Bitcoin was trading for around $91,000 as of press time, according to The Block's Bitcoin Price Page, up 1.2% over the past 24 hours, 21% in the last week, and 115% year-to-date.
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