The Kingdom of Bhutan’s Bitcoin (BTC) strategy has taken a notable turn with the transfer of part of its holdings to cryptocurrency exchange Binance, suggesting possible plans to sell.
Details of the transaction indicate that the country transferred 137.245 BTC, valued at approximately $14.77 million, to the exchange on June 30, according to the latest on-chain data obtained by Finbold from Arkham Intelligence.
The potential for a sale comes as the Asian nation’s Bitcoin stash has grown significantly. As of press time, Bhutan holds 11,924 BTC, valued at approximately $1.28 billion.
Notably, these holdings have been built mainly through state-supported mining operations controlled by Druk Holding and Investments.
Currently, there is no official explanation for the Binance deposit; however, historically, moving funds to exchanges often signals plans to sell.
Impact of Bhutan’s possible Bitcoin sale
Offloading a large amount could introduce short-term volatility for Bitcoin, especially as the cryptocurrency is at a critical point where it may face a correction after repeated rejections near the $110,000 level. By press time, Bitcoin was trading at $107,636.
Notably, Bhutan is among the few countries, alongside El Salvador, that have been strategically accumulating Bitcoin.
On the other hand, El Salvador has made Bitcoin legal tender and follows a “no-sell” strategy of periodic buying. In contrast, most government-held Bitcoin originates from criminal seizures, with the United States holding the largest share, mainly due to the Silk Road case.
Meanwhile, the Himalayan nation is working to grow its crypto ecosystem beyond mining. For example, at the recent Digital Bhutan panel co-hosted with Binance, officials outlined plans to integrate cryptocurrency into everyday life.
Building on the May 2025 launch of a crypto-backed tourism payment system developed with Binance and DK Bank, the platform uses Bhutan’s Bitcoin reserves to enable over 100 cryptocurrencies to be spent fee-free at more than 1,000 merchants via Binance Pay.
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