The Royal Government of Bhutan has started depositing large amounts of the flagship cryptocurrency Bitcoin (BTC) that it acquired through its mining operations into leading cryptocurrency exchange Binance.
The Buddhist Kingdom’s move comes after the price of the cryptocurrency surged more than 3.8% over the last 24-hour period to now trade at $71,200 per coin. Data from Arkham Intelligence shows Bhutan moved a total of 929 BTC worth around $66 million into Binance. The data was first spotted by on-chain analysis service Lookonchain.
According to Arkham Intelligence’s data, Bhutan’s sovereign holding company Druk Holdings is still holding onto 12,456 BTC worth around $886.3 million. Its holdings also include 656 ETH worth $1.73 million.
Druk Holdings was formed back in 2007 in a bid to manage the crown’s investments “for the long-term benefit of the people of Bhutan.” According to its website, the company had the equivalent of $1.13 billion in its portfolio as of last year, with its portfolio companies including Bhutan Telecom, Drukair Corporation, and holdings in the Bank of Bhutan and the Royal Insurance Corporation of Bhutan.
The organization has been mining between 55 and 75 BTC per week, with mining operations utilizing various major mining pools including AntPool and Foundry. These operations are powered by cheap, clean hydropower
Arkham Intelligence’s data shows that Druk Holdings’ wallet has been active since early 2021 and the wallet has been accumulating since, with some minor outflows over time. Data also shows the company used cryptocurrency lending services to generate yield through its holdings.
Notably, Binance also allows investors to earn interest on their cryptocurrency holdings. On social media, most users suggested Bhutan was, however, looking to sell the BTC sent to Binance, rather than leverage it generate yield.
Featured image via Unsplash.
