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The Royal Government of Bhutan has made a significant move by depositing 929 BTC into crypto exchange Binance.In its latest tweet, Lookonchain cited data from Arkham Intelligence, which revealed that the Bhutan government-linked wallet transferred the stash worth approximately $66.16 million through two transactions on October 29.12,456 BTC which is nearly $891 million.
The Bhutanese government also partnered with the Nasdaq-listed mining company Bitdeer in May 2023 to develop a 100% carbon-free bitcoin mining operation in the country. As a result of these efforts, Bhutan is now the fifth-largest known nation-state holder of BTC, trailing only the United States, China, the UK, and Ukraine, as perBhutan also ventured into bitcoin mining as a new revenue stream in response to plummeting tourism revenues driven by the COVID-19 pandemic.
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