Bhutan Sends 650 BTC ($74M) to Binance During Bitcoin Rally

Between late June and mid-July 2025, Bhutan’s investment arm, Druk Holding, moved 650 Bitcoin, worth nearly $74 million at prevailing prices, from its sovereign reserve wallet into Binance.

Bhutan’s sovereign wealth vehicle, Druk Holding & Investments, initiated on-chain transfers totaling 650 BTC to Binance, the world’s largest crypto exchange by volume. The two-week series of on-chain transfers concluded on July 14 with a final tranche of 99.47 BTC ($12.05 million). The final tranche transfer was flagged on-chain by blockchain analytics platform Onchain Lens.

Observers interpret the transfers as Bhutan monetizing part of its reserves amid a sharp rally – BTC briefly topped $120,000 – potentially reallocating proceeds into national budget or reinvestment strategies.

Bhutan’s main crypto reserve wallet had stood idle for several weeks prior to these transfers, indicating deliberate timing to capitalize on peak market conditions. With its total holdings estimated at over 11,400 BTC – accumulated through hydropower-backed mining and purchases – Bhutan now holds a slightly reduced but still substantial digital asset portfolio.

No official comment has been issued by Druk Holding, though blockchain analysts note that such strategic sales are consistent with sovereign-reserve management practices during price peaks.

Bhutan began accumulating Bitcoin in 2021. The kingdom used surplus hydropower to support domestic mining and build a national digital-asset reserve.

Several other nations and public companies have similarly taken profits during recent crypto rallies. El Salvador sold $59 million of Bitcoin in June while still retaining over $1.4 billion in reserves, demonstrating similar treasury management approaches.

The transfers represent a portion of Bhutan’s broader digital asset strategy, balancing potential gains from price appreciation against portfolio diversification needs during volatile market conditions.