Bhutan Transfers 400 Bitcoin Worth $30.62 Million

Bhutan's government has made a significant move in its cryptocurrency holdings. On September 2, the country transferred approximately 400 Bitcoin to an external wallet. According to Lookonchain, this transfer was valued at $30.62 million.

This development is not unprecedented for Bhutan, as the government has been steadily selling its Bitcoin stockpile since last year. The country began acquiring Bitcoin through a state-run cryptocurrency mining operation in 2019.

The move is seen as a signal that a sale of the transferred Bitcoins could be imminent. As the article from Lookonchain notes, Bhutan's transfer history suggests that such moves typically precede sales of the digital currency.