Government of Bhutan transfers 367 BTC to Binance

On November 14, the Royal Government of Bhutan transferred ~367.26 BTC ($33.5 million) to a Binance deposit address, data shows Arkham.

Before this, a similar movement was held on October 29 – then the “kingdom of dragons” send to the largest crypto exchange ~ 935 BTC ($66.4 million at the time of operation).

July 1 Bhutanese authorities 381 BTC moved ($24.1 million at that time) to the American exchange Kraken.

It is not known why the latest work, but historically it is archived OC Sales often follow.

At the time of writing, the country holds $1.11 billion worth of crypto assets on its balance sheet.

Crypto assets in Bhutanese government wallets. Data: Arkham.

The fund is managed by the state investment fund Druk Holding & Investments. According to Bitcoin Treasuries, Bhutan is in fifth place in the ranking of countries that have crypto assets.

The largest holders of crypto assets among countries. Data: Bitcoin Sources.

While many countries are replenishing their Bitcoin reserves through imported funds, the “kingdom of the dragon” is actively increasing its reserves through mining. To achieve this, the state uses abundant water power resources.

At the time of writing, the first digital currency is trading around $88,400 grow fast with a series of updates ATN.

Forbes previously investigated and found outthat the Kingdom of Bhutan has become a “crypto-Shangri-La” thanks to the country’s authorities allocating land, funding and energy for Bitcoin mining.

Remember that in July 2023, Bitdeer construction completed Gedu Bitcoin mining venture in Bhutan.

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