Bhutan's Bitcoin Sales Continue as Government Deposits $28 Million into Binance
The Royal Government of Bhutan continues to sell its Bitcoin holdings as part of its plan to develop Gelephu Mindfulness City, a massive special administrative economic zone. According to data from Lookonchain, the government has deposited almost 435 BTC (worth around $28 million) into Binance, likely with the intention to sell.
This recent sale is significantly smaller than the one completed in July, when wallets linked to the government transferred 700 BTC to Binance. The government's Bitcoin sales have been ongoing for several months, with previous sales including 533 BTC in mid-June and another substantial batch of 738 units in early June.
The proceeds from these sales are intended to fund the development of Gelephu Mindfulness City, which will span over 2,600 square kilometers. The city is designed to work as an autonomous region focused on green technology, digital finance, and sustainable urban living.