[NEWS] Bhutan government to sell $100 million worth of Bitcoin

It has been revealed that Bhutan has transferred 929 BTC, equivalent to approximately 10.3 billion yen, to the cryptocurrency exchange Binance. On-chain data service Lookonchain revealed this on X.

Bhutan currently holds 12,456 Bitcoin, equivalent to $900 million (approximately 137 billion yen). With Bitcoin's price movements approaching their all-time high, it appears that the country is steadily preparing to sell to lock in profits. Bhutan is counted as one of the countries with the largest Bitcoin holdings.

The transfer was made in two installments. The first transfer was 100 BTC at 9 a.m., and 839 BTC was transferred 50 minutes later. This information was confirmed by Arkham, an on-chain analysis platform that monitors Bhutan's assets.

This is the first time Bhutan has transferred Bitcoin to a cryptocurrency exchange since depositing 381 BTC to the cryptocurrency exchange Kraken in July of this year. The reason for the large-scale transfer has not been made public, but various speculations are circulating within the Bitcoin community.

Bhutan has been mining Bitcoin since 2019, using energy resources obtained from its abundant hydroelectric power. This initiative to implement mining using clean energy as a national strategy is consistent with a broader strategy to diversify national reserves amid global economic trends.

Bitcoin, which has become a huge reserve asset, is expected to be used to fund national projects, improve liquidity, or stabilize the local economy in times of financial instability.

Popular cryptocurrency X user Pledditor commented that "Bhutan does not seem to have the same insight into Bitcoin as El Salvador under President Nayib Bukele." He added that "It is not a long-term financial strategy like El Salvador, but rather a 5-10 year asset management."

In addition to its mining operations, Bhutan has been accumulating 1 BTC every day since March 16 last year and has not sold a single BTC.

Some crypto analysts have suggested that Bhutan may be preparing for market moves or trying to secure liquidity for upcoming projects. Others speculate that the government is trying to make the most of the recent market rally.

ETH may also be sold

In addition to Bitcoin, Bhutan transferred about $600,000 worth of Ethereum (ETH) to Binance on October 18. The country now has $1.7 million worth of ETH.

These moves raise the possibility of selling Ethereum in addition to Bitcoin.

Reference: Lookonchain
Image: Shutterstock

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