The Royal Government of Bhutan has once again moved a large portion of its Bitcoin holdings, raising eyebrows across the crypto market. Blockchain tracker Lookonchain reported that the country transferred 800 BTC worth $92.06 million into two new wallet addresses today.
The movement comes amid speculation that such transfers often precede sales, with some analysts suggesting the new addresses could be linked to a deposit at Binance. This marks the third significant transfer in two months. On August 5, Bhutan shifted 517 BTC ($59M) to crypto custodian Cobo Custody, while in July, on-chain analysts reported a 650 BTC transfer to Binance.
Despite these transactions, Bhutan’s sovereign investment arm, Druk Holding and Investments (DHI), still holds over 9,900 BTC. At Bitcoin’s current trading price of $115,565, the stash is valued at more than $1.154 billion.
Bhutan began acquiring Bitcoin as early as 2019, quietly building one of the largest state-owned crypto reserves. Beyond holding BTC, the government is integrating crypto into its economy, including launching a Binance Pay-powered tourism payment system and promoting green mining using its hydropower.
According to Bitcoin Treasuries, Bhutan ranks as the sixth-largest government Bitcoin holder, behind the U.S., China, the U.K., Ukraine, and North Korea.
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