The Kingdom of Bhutan has transferred $65.66 million in Bitcoin to Binance accounts. This move suggests that Bhutan may be looking to sell these assets. At the same time, they continue their state-run mining operations.

According to blockchain analytics firm Arkham Intelligence, Bhutan is preparing for this sale. The on-chain data shows that this amount was deposited onto Binance, marking the first asset transfer to exchanges since July.

Arkham keeps a close eye on government wallets for potential asset sales. They previously uncovered a $20 million hack involving U.S. government accounts. The firm also noted that a significant part of Bhutan's Bitcoin holdings comes from independent mining operations they have been tracking.

“The Royal Government of Bhutan operates a large Bitcoin mining operation through its national investment company, Druk Holdings and Investments. In the second half of 2023, Bhutan's Bitcoin mines produced about 780 BTC each month, which averages to around 26 BTC per day. Data confirms that Bhutan's Bitcoin mines are still active,” the firm stated.

For some time now, Bhutan's government has been making substantial investments in cryptocurrency. For instance, Druk Holdings and Investments quietly bought millions in Bitcoin and other assets in early 2023. They kept their larger strategy under wraps until this year when the kingdom's crypto stockpile and mining operations became well-known.

This year, Bhutan's choice of Binance for a major asset sale is noteworthy. Other governments, like the U.S. and Germany, have conducted similar multimillion-dollar selloffs but typically used platforms like Coinbase and Kraken. Legal issues facing Binance in the U.S. and Germany may have influenced Bhutan's decision, as they have no disputes with the exchange.

This particular selloff is not expected to significantly impact global Bitcoin prices. For example, Germany's sale of $425 million in Bitcoin created selling pressure in June, but the circumstances were different. Germany sold much larger amounts and aimed to completely eliminate its crypto holdings. In contrast, Bhutan is still actively mining Bitcoin every day.

As of now, the government holds Bitcoin worth over $900 million and more than a million in Ethereum. Bhutan has no apparent plans to divest entirely from its crypto initiatives.