The Royal Government of Bhutan moved 99.47 Bitcoin (BTC) to Binance on July 14, according to Onchain Lens. The transaction was worth $12.05 million at the time. It came from the government’s investment arm, Druk Holding and Investments.
This transfer brought the total sent from Bhutan to Binance over the past two weeks to 650 BTC, worth $74.24 million. Blockchain data from Arkham Intelligence shows the first transfer occurred on June 30, when 137.24 BTC left the wallet. At the time, Bitcoin traded near $107,000, and the transaction was valued at $14.7 million.
Bhutan’s government continued sending BTC to Binance daily. Transaction sizes ranged between 2 BTC and 200 BTC. The latest transfer took place shortly after Bitcoin passed $120,000 for the first time.
Bitcoin Reaches $122,565 as Trading Volume Confirms Market Activity
Bitcoin reached a new all-time high of $122,565 on July 14. Data from TradingView shows BTC opened at $119,140 and peaked at $123,236 before stabilizing. The daily gain stood at 2.88%. On the Bitstamp exchange, trading volume hit 672 BTC, indicating strong participation during the rally.
At the time of Bhutan’s latest transfer, Bitcoin traded near $122,300. The price had increased by more than 14% since late June. Analysts linked the rally to higher institutional inflows, increased demand from ETFs, and expectations around upcoming U.S. crypto legislation.
Despite regular transfers, Druk Holding continues to manage a large Bitcoin treasury. According to Arkham Intelligence, Bhutan holds 11,411 BTC, valued at around $1.4 billion. It also holds 656 Ether (ETH), worth roughly $2 million.
Bhutan Continues Crypto Activities Through Druk Holding
Bhutan has integrated crypto into its economic strategy through state-backed efforts. Under the current leadership of King Jigme Khesar Namgyel Wangchuck, the country has established hydro-powered Bitcoin mining sites and maintains a national crypto reserve.
In May 2025, Bhutan partnered with Binance to support crypto-based payments in the tourism sector. The initiative aimed to offer digital payment solutions to international visitors. However, limited internet access in rural areas has created delays in full-scale deployment.
While Cointelegraph contacted Bhutan’s government for a statement on the recent Bitcoin transfers, no response has been issued so far. Binance has also not commented publicly.
Bhutan’s Transfers Follow Bitcoin Price Surge
Bhutan’s first recorded BTC transfer in the current series occurred on June 30, when it moved 137.24 BTC to Binance. Bitcoin’s price stood at $107,000, making the transaction worth $14.7 million. Since then, daily transfers continued with varying amounts.
The government wallet remained inactive in the weeks before June 30. Its renewed activity came as Bitcoin broke through historical resistance levels. The largest single-day transfer recorded was 200 BTC.
At current market prices, Bhutan’s Bitcoin balance still places it among the largest state-level holders globally. The government continues using Binance for its transfers, with all recorded movements visible on-chain.
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