Bhutan Transfers $11.85M in Bitcoin Amid Market Gains
- Bhutan moved 175 Bitcoin, valued at $11.85 million, from its main holding address.
- The transfer was made to a newly created address that previously received an additional 184 Bitcoin.
- As of now, Bhutan holds approximately 5,400 Bitcoin, ranking seventh globally among nation-state holders.
- The U.S. has the largest country-held stash with 328,372 Bitcoin, worth nearly $22 billion.
- Bhutan’s holdings are managed by Druk Holding and Investments, which also includes other cryptocurrencies like Ether and KiboShib.
Since launching state-backed mining operations in 2019, Bhutan has accumulated around 13,000 Bitcoin, primarily using hydroelectric energy for mining activities.
This recent transfer reflects Bhutan’s ongoing strategy of managing its cryptocurrency assets effectively while utilizing proceeds for public services and initiatives.(Source)
