Bhutan Government Unexpectedly Transfers 517 BTC Worth Over $59 Million to a New Wallet, Suspected to be Preparing for Binance Transfer.
According to on-chain analysis data published by Onchain Lens expert (@OnchainLens) and reported by Mars Finance, the Royal Government of Bhutan has conducted a large-scale transaction by transferring 517 BTC, equivalent to approximately $59.23 million, to a newly created cryptocurrency wallet. Notably, this wallet address is suspected to be a deposit wallet for Binance, one of the world's largest cryptocurrency exchanges.
On-chain data analysis reveals that the Bitcoin receiving address shares many similarities with wallets typically used for depositing assets to Binance. Although there is no official confirmation from the Bhutan Government or Binance, it is highly likely that this is a preparatory step to transfer BTC to the exchange for trading purposes or to restructure the country's digital asset investment portfolio.
The Bhutan Government's most recent Bitcoin transfer occurred in mid-July 2025, when the Royal Government of Bhutan, through its national investment fund Druk Holding & Investments (DHI), continuously transferred over 512 BTC — equivalent to approximately $59-62 million — to Binance's deposit wallet over four days (from July 10 to 14, 2025).
Bhutan's quiet participation in Bitcoin mining is one of the most surprising stories in the cryptocurrency world in recent years, given the country's reputation for being peaceful and low-profile. However, according to an investigation published by Forbes in 2023, the Royal Government of Bhutan has been secretly mining Bitcoin since at least 2017 through Druk Holding & Investments (DHI) — a national asset fund directly managed by the government.
Bhutan leverages its abundant and clean hydroelectric power — which accounts for over 99% of the country's electricity production — to operate Bitcoin mining farms. This allows them to participate in the cryptocurrency market without carbon emissions, creating one of the world's "greenest" mining models.
According to disclosed data, Bhutan has spent millions of dollars on Bitcoin mining equipment, operating its own infrastructure and not publicly disclosing these activities for many years. Only when leaked documents from bankruptcy cases of platforms like BlockFi and Celsius in 2022-2023 emerged did the public become aware of Bhutan's large-scale cryptocurrency investment and mining activities.
