As a seasoned analyst with over two decades of experience in global financial markets, I must admit that the move by Bhutan’s Royal Government to deposit large amounts of Bitcoin into Binance is quite intriguing. Given my background, I’ve seen nations and organizations make all sorts of financial decisions, but this one stands out for its unique blend of tradition and innovation.
As a researcher, I’m observing an interesting development in the world of cryptocurrencies: The Royal Government of Bhutan is channeling significant quantities of mined Bitcoin (BTC) into Binance, a prominent digital asset exchange platform.
As an analyst, I’ve observed an intriguing development: the Buddhist Kingdom has decided to act following a significant surge in the value of a cryptocurrency, which now trades at approximately $71,200 per coin, marking a 3.8% increase over the past 24 hours. Interestingly, data from Arkham Intelligence indicates that the Kingdom transferred a total of 929 Bitcoin, equivalent to around $66 million, into Binance. This strategic move was first noted by the on-chain analysis service, Lookonchain.
As a crypto investor, I’ve just learned that the Royal Government of Bhutan has recently added 929 Bitcoin (approximately $66.16 million) to its cryptocurrency holdings on Binance, bringing their total Bitcoin reserves to approximately 12,456 Bitcoin ($886.58 million).
— Lookonchain (@lookonchain) October 29, 2024
As per the information from Arkham Intelligence, the Bhutanese sovereign holding company Druk Holdings continues to possess approximately 12,456 Bitcoins valued at around $886.3 million, along with 656 Ether worth approximately $1.73 million.
In 2007, Druk Holdings & Investments was established to oversee the country’s investments, focusing on long-term prosperity for the citizens of Bhutan. As per their official website, they managed a portfolio worth approximately $1.13 billion at the end of the previous year. Their portfolio encompasses companies such as Bhutan Telecom, Drukair Corporation, and shares in the Bank of Bhutan and the Royal Insurance Corporation of Bhutan.
The organization has been mining between 55 and 75 BTC per week, with mining operations utilizing various major mining pools including AntPool and Foundry. These operations are powered by cheap, clean hydropower
According to Arkham Intelligence’s findings, Druk Holdings’ digital wallet has been in operation since early 2021. This wallet has primarily been accruing funds, with occasional withdrawals occurring occasionally over time. Moreover, it appears that the company has utilized cryptocurrency lending platforms to boost returns from its investments.
To highlight, Binance offers a feature where investors can accrue interest from their digital currency assets. It seems that many people on social media platforms speculate that Bhutan might be planning to cash out the Bitcoin transferred to Binance, instead of utilizing it for earning returns.
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2024-10-29 15:05