Bhutanese Government Makes Significant Bitcoin Transfer, Shifting $63M to Three Wallets

In an intriguing move, the Bhutanese government has made a significant transfer of Bitcoin, shifting $63 million worth to three separate wallets on March 24.

In a surprising move, the Bhutanese government has completed a major transfer of Bitcoin, moving $63 million from its main wallet to three separate addresses on March 24, according to crypto intelligence firm Arkham.

Bhutan, a country in the Himalayas with vast hydroelectric power, has been mining Bitcoin using its clean energy since 2019. It wasn’t until September that Arkham linked an address to Druk Holdings, the country’s investment arm.

Following the recent transactions, the Druk Holdings wallet now holds a staggering $889.9 million in Bitcoin, which is roughly 30.7% of Bhutan’s GDP—calculated at $2.9 billion in 2023.

While Bitcoin forms a large part of Bhutan’s crypto reserves, it isn’t the sole focus. The Druk Holdings wallet also contains smaller amounts of Ether to the tune of $334,580, along with other lesser-known tokens such as LinqAI (LNQ), Phil (PHIL), and Apu Apustaja (APU). This diverse range of holdings showcases a broader strategic approach rather than a singular reliance on Bitcoin.

In recent months, Bhutan has been incrementally shifting portions of its crypto assets from its main wallet to other addresses. Of note, $66 million worth of BTC was deposited into Binance in October.

Together with the small transfers of Bitcoin and Ether, it seems the government is managing its fast-growing digital asset portfolio.