Bhutan Transfers 137.245 Bitcoin Worth $14.77 Million to Binance
On June 30, the Royal Government of Bhutan transferred 137.245 bitcoin, valued at approximately $14.77 million, to Binance, according to blockchain data from Arkham Intelligence. Bhutan's total bitcoin holdings have reached 11,924 BTC, worth around $1.28 billion at current market prices.
Key points include:
- Bhutan's bitcoin assets constitute a significant part of its economy.
- Holdings were accumulated through state-backed mining operations by Druk Holdings in collaboration with Bitdeer Technologies.
- Bitdeer aims to expand local mining capacity to 600 megawatts by 2025.
- The latest transfer raised speculation about potential selling pressure; government comments on the reason are absent.
- Concerns exist among investors regarding bitcoin price movements amid large holders like Bhutan offloading portions of their stakes.