According to on-chain data from Arkham Intelligence, the Royal Government of Bhutan has made a significant move in the crypto industry, transferring 213.501 BTC, worth approximately $23.73 million, to Binance Deposit.
A tweet by popular cryptocurrency news and insights account, Wu Blockchain, revealed that with the country’s latest transfer of 213.501 BTC, the government has been moving Bitcoin into Binance for two consecutive weeks.
The Royal Government of Bhutan transferred 213.501 BTC (~$23.73 million) to Binance Deposit at 12:54 UTC+8 today, according to Arkham. The Royal Government of Bhutan has transferred BTC to Binance Deposit for two consecutive weeks. https://t.co/NnHd6FTRsT
— Wu Blockchain (@WuBlockchain) July 10, 2025
As a result, the country has deposited a total of 350.74 BTC, valued at around $38.5 million, over the past 10 days.
Is Bhutan Selling Its Bitcoin?
When sovereign entities transfer significant assets to exchanges, it’s often seen as a sign of potential liquidation. However, in Bhutan’s case, the reason behind the transfer remains unclear as the country hasn’t officially commented on it.
Considering the country’s bullish stance on Bitcoin in the past, the transfer might not necessarily be for selling purposes, but for other purposes.
Bhutan’s Bitcoin journey started in 2021 when the country leveraged its rich hydroelectric power resources to mine Bitcoin. Its holding company, Druk Holdings, grew the project by investing around $500 million in crypto mining projects and forming partnerships with organisations like Bitdeer Technologies Group from July 2021 to June 2023.
By September 2024, Bhutan had stacked up a considerable amount of assets, and it emerged as the 4th-largest government Bitcoin holder globally, with over 13,000 BTC total holdings valued at approximately $780 million.
Since then, the country has increased its revenue significantly through its Bitcoin mining operations generated significant revenue, generating around 55-75 Bitcoins worth $3.6-4.9 million every week.
Despite transferring a total of 350.74 BTC to Binance, additional data from Arkham Intelligence showed that the Royal Government of Bhutan still holds more than 11,000 BTC worth over 1 billion dollars.
Therefore, Bhutan’s significant holdings and its plans to create a crypto reserve comprising Bitcoin, Ether, and BNB, aiming to bolster its economy, indicate that its recent transfer to Binance is probably not a potential selloff.
US Transfers $220k in Seized Ethereum to Coinbase
The crypto industry has witnessed a few governments move assets to exchanges recently. In a recent report, the United States government moved over $220,000 worth of Ethereum (ETH) to a wallet address on Coinbase.
