Bhutan Transfers $32.7M in Bitcoin to New Wallet
The Bhutan government has transferred 490.87 BTC valued at approximately $32.74 million to a new wallet, according to on-chain data from blockchain tracking platform Onchain Lens.
This transfer is part of a broader pattern of activity from Bhutan's digital asset reserves, which have been built up over several years through mining operations and strategic acquisitions.
Bhutan has been quietly accumulating Bitcoin since at least 2021, primarily through its state-owned mining company Druk Holding and Investments. The country's hydropower-rich landscape provides cheap electricity, making it an attractive location for Bitcoin mining.
The move could signal a strategic shift, such as preparing for a sale, securing assets in cold storage, or facilitating a partnership with a financial institution.