The Royal Government of Bhutan transferred 533 BTC valued at $34.5 million to Binance through its state investment wing Druk Holding & Investments, according to onchain data tracked by analytics platform Arkham. The transfers occurred in multiple batches, with the largest individual transaction moving 227.194 BTC worth approximately $14.7 million and another transferring 48.228 BTC valued at about $3.1 million to a Binance deposit address. The movement represents Bhutan's latest publicly tracked transfer to a centralized exchange amid ongoing periodic transfers, with the government's bitcoin holdings declining to 1,749.96 BTC from a peak of 13,000 BTC in October 2024.
Bhutan Transfers 533 BTC to Binance in Multiple Batches
The transfers were executed from a wallet tagged as belonging to Druk Holding & Investments to a Binance deposit address. The largest individual transfer involved 227.194 BTC worth roughly $14.7 million, while another moved 48.228 BTC valued at about $3.1 million. Several smaller transactions ranging from fractions of a bitcoin to just over 2 BTC were also routed to the same deposit address.
Arkham reported last month that the government had moved 100.44 BTC worth $8.2 million to an unlabeled address. At the time, Arkham said outflows from wallets linked to Bhutan had exceeded $230 million since the start of 2026. Bhutan has not publicly commented on the transfer. In a Wednesday post on X, Arkham highlighted the deposit.
Bitcoin Holdings Decline to 1,749.96 BTC from October 2024 Peak
Bhutan's remaining bitcoin balance of 1,749.96 BTC represents a decline of approximately 11,250 BTC from the October 2024 peak of 13,000 BTC, per Arkham. The government's total wallet value stands at $113.7 million, including 1.034 ETH worth $1,820.
Bitcoin traded at around $65,221 on Tuesday, down 1.2% over the previous 24 hours, according to The Block's BTC price page.
Bhutan Ranks Seventh Among Nation-State Bitcoin Holders
Unlike most nation-state holders that accumulate bitcoin through criminal seizures, Bhutan built its reserves through mining operations powered by hydroelectric energy. Bhutan ranks as the seventh-largest known nation-state holder of bitcoin, behind the U.S. (328,372 BTC), China (190,000 BTC), the UK (61,245 BTC), Ukraine (46,351 BTC), El Salvador (7,649 BTC), and the UAE (6,420 BTC), according to Bitcoin Treasuries data.
FAQ
How much bitcoin did Bhutan transfer to Binance?
Bhutan transferred 533 BTC valued at $34.5 million to Binance in multiple batches, with the largest single transfer involving 227.194 BTC worth approximately $14.7 million.
What are Bhutan's current bitcoin holdings?
Bhutan's remaining bitcoin balance stands at 1,749.96 BTC, representing a decline of approximately 11,250 BTC from the October 2024 peak of 13,000 BTC. The government's total wallet value is $113.7 million, including 1.034 ETH worth $1,820.
How does Bhutan acquire its bitcoin reserves?
Unlike most nation-state holders that accumulate bitcoin through criminal seizures, Bhutan built its reserves through mining operations powered by hydroelectric energy, ranking as the seventh-largest known nation-state holder of bitcoin.
