The Royal Government of Bhutan has transferred 406.074 BTC, valued at approximately $40 million, to QCP Capital, according to data from Onchain Lens.
While the exact purpose of the transfer remains speculative, it is suspected to be linked to a potential sale.
Bhutan’s government wallet continues to hold 11,791 BTC, worth about $1.16 billion, making it the fourth-largest government holder of Bitcoin globally.
Details of Bhutan's Bitcoin Holdings
Data from Arkham Intelligence reveals the Royal Government of Bhutan's robust cryptocurrency portfolio. Its holdings primarily include:
- Bitcoin (CRYPTO: BTC): 11,791 BTC, valued at $1.16 billion.
- Ethereum (CRYPTO: ETH): 656.039 ETH, worth $2.53 million.
- Various smaller holdings in (CRYPTO: LNQ), (CRYPTO: APU), (CRYPTO: KIBSHI), (CRYPTO: BOBO), and (CRYPTO: SAND), totaling under $3,000.
The government's Bitcoin reserves dwarf those of El Salvador, whose holdings are valued at $335 million, despite Bhutan having only 12% of El Salvador's population.
Also Read: Ethereum Breaks $4,000: Could It Make A New All-Time High In 2024?
The substantial reserves originate from Bhutan’s hydro-powered Bitcoin mining operations, a strategy the nation adopted in 2019.
Bhutan began its cryptocurrency mining venture in April 2019, leveraging its abundant hydroelectric resources.
Hydropower accounts for 30% of Bhutan's GDP, with the nation harnessing approximately 23,760 MW of technically feasible hydropower capacity.
This clean energy approach aligns with Bhutan's commitment to sustainability while allowing for large-scale mining operations.
This strategy emerged as part of Bhutan's effort to diversify its economy amid declining tourism revenue—a sector contributing $88.6 million annually pre-pandemic.
The economic fallout from COVID-19 further reinforced the importance of alternative revenue streams like cryptocurrency mining.
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