The Royal Government of Bhutan transferred 533 BTC valued at $34.5 million to the crypto exchange Binance, according to onchain data tracked by analytics platform Arkham.
The transfers were executed in multiple batches from a wallet tagged as belonging to Druk Holding & Investments, Bhutan's state investment wing, to a Binance deposit address.
Per the data, the largest individual transfer involved 227.194 BTC worth roughly $14.7 million, while another moved 48.228 BTC valued at about $3.1 million. Several smaller transactions ranging from fractions of a bitcoin to just over 2 BTC were also routed to the same deposit address.
The latest movement marks Bhutan's latest publicly tracked transfer to a centralized exchange as the country continues to make periodic transfers, raising questions as to whether it is liquidating its holdings.
Arkham reported last month that the government had moved 100.44 BTC worth $8.2 million to an unlabeled address. At the time, Arkham said outflows from wallets linked to Bhutan had exceeded $230 million since the start of 2026.
