Bhutan, the small Himalayan kingdom, has been making some big moves in the Bitcoin world. Recently, they transferred a whopping $23 million worth of Bitcoin to Binance, the popular cryptocurrency exchange. This isn’t the first time they’ve done this; they made a similar move just a week earlier, shifting another $14 million.
Suspicious Timing?
What’s interesting is the timing. These transfers happened right after Bitcoin hit a new high. This has led many to speculate that Bhutan might be selling off some of its Bitcoin holdings to take profits while the price is up. A similar large deposit was made in November 2024 when Bitcoin neared $100,000.
Bhutan’s Bitcoin Stash
Bhutan hasn’t officially commented on these transactions, but the pattern suggests they’re using price spikes to cash in. They still hold a massive amount of Bitcoin – around $1.2 billion worth, which is about 40% of their GDP! They also have a smaller amount of Ethereum. All this cryptocurrency is managed by Druk Holding & Investments, Bhutan’s state-owned investment firm. This makes Bhutan the sixth-largest known country holding Bitcoin, behind the US, China, UK, Ukraine, and North Korea.
A Unique Approach
Unlike some countries that get Bitcoin through legal seizures, Bhutan seems to have mined a lot of its Bitcoin directly, likely using services like Ant Pool. This makes sense given Bhutan’s abundance of hydroelectric power, which provides a cheap and eco-friendly way to mine Bitcoin. This aligns perfectly with Bhutan’s focus on using renewable energy for digital innovation. Essentially, they’re turning their clean energy into Bitcoin profits.