According to blockchain analytics platform SpotOnChain, on December 9, the Royal Government of Bhutan transferred 402 Bitcoin (BTC) worth $39.56 million to QCP Capital.<\/p>\n
This is the latest in a series of transactions from Bhutan\u2019s government, which has been actively selling its Bitcoin reserves since October.<\/p>\n
SpotOnChain data<\/a> shows that the wallet has moved 1,696 BTC, valued at $139 million, since Bitcoin\u2019s price surge in late October. These sales, carried out through Binance and QCP Capital, were made at an average price of $81,999 per BTC.<\/p>\n While the government has not disclosed the reasons behind these transactions, deposits to cryptocurrency exchanges are often associated with intentions to sell.<\/p>\n This marks the third major Bitcoin transfer by Bhutan\u2019s government this year. In October, it sent<\/a> 929 BTC, valued at $66.16 million, to Binance across two transactions. These occurred shortly after the cryptocurrency surpassed $70,000 for the first time since June.<\/p>\n Earlier in July, Arkham data revealed that the government-linked wallet deposited 381 BTC worth $24.1 million at the time to Kraken.<\/p>\n Bhutan holds<\/a> approximately 11,700 BTC valued at $1.15 billion across seven known wallets, making it the fourth-largest government Bitcoin holder globally. The coins are managed by Druk Holding & Investments (DHI), the country\u2019s state investment arm.<\/p>\n Unlike many countries that acquire Bitcoin through criminal asset seizures, Bhutan has built its reserves through mining operations powered by its abundant hydroelectric resources.<\/p>\n Officials recently confirmed<\/a> that mining in the country began in April 2019, when Bitcoin was priced at around $5,000. The reserves have since grown to account for 26.9% of Bhutan\u2019s $2.9 billion GDP in 2023, as reported<\/a> by the World Bank.<\/p>\n In May 2023, DHI partnered with Bitdeer Technologies Group to launch<\/a> a $500 million fund to boost Bitcoin mining in the country. In April 2024, Bhutan announced plans to expand its mining capacity by 500 megawatts by mid-2025, bringing the total capacity to 600 megawatts.<\/p>\n In addition to its mining activities, Bhutan has explored innovations in digital finance. In 2021, the Royal Monetary Authority (RMA) partnered with Ripple to develop a digital version of its national currency.<\/p>\n At the time, the nation\u2019s central bank said the initiative aimed<\/a> to enhance digital and cross-border payments and promote financial inclusion.<\/p>\n The post Bhutan\u2019s Government Transfers $40M in Bitcoin to QCP Capital<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" According to blockchain analytics platform SpotOnChain, on December 9, the Royal Government of Bhutan transferred 402 Bitcoin (BTC) worth $39.56 million to QCP Capital. This is the latest in a series of transactions from Bhutan\u2019s government, which has been actively selling its Bitcoin reserves since October. Previous Transfers and Current Reserves SpotOnChain data shows that […]<\/p>\n","protected":false},"author":0,"featured_media":26997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-26996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/26996"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26996"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/26996\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/26997"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin\u2019s Role in Bhutan\u2019s Economy<\/h2>\n