The Bhutan government has recently drawn attention in the global cryptocurrency community by executing a large transaction, transferring a total of 799.69 Bitcoin – equivalent to approximately 92.06 million USD – to two new wallets. According to data recorded by the Onchain Lens monitoring system on August 18, this amount is likely to have been transferred to the centralized exchange Binance, one of the world's largest cryptocurrency trading platforms.
This is not the first time Bhutan has been involved in Bitcoin-related transactions. Previously, the Royal Government of Bhutan made a large-scale transaction by transferring 517 BTC, equivalent to about 59.23 million USD, to a newly created cryptocurrency wallet. Notably, this wallet address is suspected to be a deposit wallet for the Binance exchange.
This small kingdom nestled in the Himalayan range was previously discovered to have been secretly mining Bitcoin for many years. Mining operations were conducted quietly by leveraging abundant hydroelectric power – a significant advantage that helps Bhutan maintain low energy costs and significantly reduce carbon emissions. This has led to the country being assessed as one of the few "green" nations entering the digital currency mining field.
According to disclosed data, Bhutan has spent millions of dollars on Bitcoin mining equipment, operating its own infrastructure and not publicly disclosing these activities for many years. Only when leaked documents from bankruptcy cases of platforms like BlockFi and Celsius emerged in 2022-2023 did the public become aware of Bhutan's large-scale cryptocurrency investment and mining activities.
This Bitcoin transfer has raised many questions among investors. Is the Bhutan government looking to take profits while Bitcoin prices remain high, or are they preparing for a new financial strategy linked to cryptocurrency?
