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.

Bhutan has not publicly commented on the transfer. In a Wednesday post on X, Arkham highlighted the deposit and asked whether the government was selling bitcoin.

Bhutan's remaining bitcoin balance of 1,749.96 BTC represents a decline of approximately 11,250 BTC from the October 2024 peak of 13,000 BTC, per Arkham. The government's total wallet value stands at $113.7 million, including 1.034 ETH worth $1,820.

Unlike most nation-state holders that accumulate bitcoin through criminal seizures, Bhutan built its reserves through mining operations powered by hydroelectric energy. Bhutan ranks as the seventh-largest known nation-state holder of bitcoin, behind the U.S. (328,372 BTC), China (190,000 BTC), the UK (61,245 BTC), Ukraine (46,351 BTC), El Salvador (7,649 BTC), and the UAE (6,420 BTC), according to Bitcoin Treasuries data.

Bitcoin traded at around $65,221 on Tuesday, down 1.2% over the previous 24 hours, according to The Block's BTC price page.