This move continues a strategic pattern of crypto reserve management amid Bitcoin’s historic price rally.
As Bitcoin continues to flirt with new record highs, the Royal Government of Bhutan has quietly executed another major crypto move, transferring 213.501 BTC, worth approximately $23.73 million, to Binance in a single transaction.
The transfer, tracked by blockchain analytics platform Arkham Intelligence, occurred at 04:54:06 UTC on July 10.
This is not an isolated event. It marks the second consecutive week that Bhutan has moved significant Bitcoin holdings to the crypto exchange. Just last week, the government transferred 137.24 BTC, around $14.77 million, to the same Binance deposit address.
In total, Bhutan has shifted 350.74 BTC, valued at $38.5 million, to Binance over the past 10 days.
Calculated Timing Amid Bitcoin Rally
The timing of these transfers seems highly deliberate. Bitcoin recently registered a new all-time high of $112,000 and is currently trading at $111,328, up 2.39% in the last 24 hours.
Bhutan’s moves suggest a calculated effort to capitalize on favorable market conditions. This strategy aligns with earlier behavior.
In March 2025, Bhutan quietly transferred $63 million worth of Bitcoin to multiple wallets, coinciding with local price peaks. These regular, near-quarterly moves suggest a shifting national policy that sees Bitcoin as a dynamic, high-yield treasury asset, not just a passive store of value.
Small Nation with a Big Crypto Bet
Since beginning Bitcoin mining operations in 2020, Bhutan has woven crypto into the fabric of its economy. Estimates suggest Bitcoin now contributes 30.7% to 40% of the country’s GDP, depending on price fluctuations and private holdings.
With 11,711 BTC, worth about $1.3 billion at current prices, Bhutan holds the third-largest national Bitcoin reserve globally, according to The Wall Street Journal.
For a small Himalayan kingdom, Bhutan’s approach is striking. While many nations cautiously explore digital assets, Bhutan is taking a more proactive approach. It is actively managing its crypto reserves with the sophistication of a hedge fund.
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Author: coinmaker
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