- The Bhutan government sent $47 million worth of BTC to a new wallet.
- DHI executed the transaction on behalf of the Royal Government of Bhutan.
- Bhutan has become one of the most active sovereign entities in the Bitcoin industry.
The Royal Government of Bhutan continued its active participation in the Bitcoin market by transferring 419.5 BTC worth approximately $47 million to a new wallet.
On-chain data shows that the Bhutan government’s investment arm, Druk Holding and Investments (DHI), executed the transaction on Wednesday, September 24. The transaction left Bhutan’s official Bitcoin wallet with a balance of 9,232 BTC, worth about $1.04 billion, cementing the Himalayan nation’s quiet but steady role in crypto’s sovereign narrative.
Related: Bhutan Amasses World’s Third Largest Bitcoin Reserve
Bhutan intensifies Bitcoin participation
Earlier this week, the government, through DHI, transferred a total of 913 BTC, worth $107 million, to two separate wallets as part of an ongoing series.
The transfers of the past few days left a balance of 9,652 BTC before the latest move. Some analysts believe the process is the Bhutanese government’s way of reshuffling its crypto assets across different wallets, probably for security reasons.
Other crypto observers suspect that the Bhutanese government could be moving BTC to new wallets for liquidity management or upcoming financial operations. Meanwhile, such movements interest blockchain intelligence firms like Lookonchain. These firms have noted an interesting trend involving the Bhutan government, which has emerged as the most sovereign entity managing a Bitcoin portfolio in recent times.
The Bitcoin community is interested in Bhutan’s intention
Bhutan has risen to the limelight through a conservative Bitcoin acquisition, using its investment arm, DHI. Unlike many other nations, the Himalayan kingdom has quietly built a significant Bitcoin portfolio, becoming one of the frontline nations to embrace digital assets. According to reports, the Bhutanese government uses Bitcoin as a tool for diversifying national wealth.
Although the Bhutanese government has remained silent about its long-term plan for cryptocurrency, its on-chain activity suggests a commitment to use digital currency as part of its treasury strategy.
Many analysts consider the government’s latest habit of moving Bitcoin across wallets routine efforts in storage, custody, and security. However, traders within the broader crypto community remain watchful, in case the Bhutan government decides to engage in institutional deals that could involve selling the cryptocurrency.
Related: Bhutan Deposits $23.6M in Bitcoin to Binance Amid BTC All-Time High Surge
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