Bhutan sells part of its Bitcoin reserve: 533 BTC sent to Binance
Wallets identified by the analytical platform Arkham as linked to the government of Bhutan have made a large transfer to the crypto exchange Binance. This involves 533 BTC, which at the current exchange rate amounts to approximately $34.5 million. After this transaction, about 1,750 BTC remained in the addresses.
Accumulation strategy through mining
Bhutan is building its bitcoin reserves not through market purchases, but through its own mining activities. The state actively uses surplus hydroelectric power for cryptocurrency mining. At least four specialized mining sites are operating in the country, which continue to be funded from the state budget.
However, in recent months, the inflow of new coins into the national fund has stopped. This may indicate a temporary suspension of mining or a redistribution of resources between sites. The current transfer to the exchange is likely related to the need to lock in profits or hedge risks amid market volatility.
My view: Bhutan's actions demonstrate a pragmatic approach to managing digital assets. Selling part of the reserve at the peak of market activity is a reasonable step for a small economy dependent on energy exports. However, the complete halt in coin inflows raises questions: perhaps the country is reconsidering its mining strategy amid growing competition and changes in network hashrate.