The Royal Government of Bhutan transferred 434.87 BTC, worth about $27.93 million, to Binance on Aug. 7 after roughly a month without a similar move, according to on-chain tracker Lookonchain. The deposit is widely being interpreted as a likely sale because previous transfers to the exchange were followed by offloading.
The latest transaction adds to a run of Bitcoin disposals linked to Bhutan as the asset has been trading near $65,000. The government has been using proceeds from Bitcoin sales tied to hydropower mining as part of funding plans for Gelephu Mindfulness City, a large special administrative region announced at the end of 2025.
Latest transfer follows a pause
Lookonchain’s data showed that wallets linked to Bhutan’s government sent nearly 435 BTC to Binance in the latest move. The amount was smaller than some of the country’s recent transfers, but it marked a return to activity after about a month of inactivity.
The source article described the Binance deposit as likely intended for sale, based on the pattern seen in earlier transfers. No additional official statement was cited alongside the on-chain data.
A string of sales through 2026
The Aug. 7 transfer continues a broader selling streak. In July, wallets connected to the government moved 700 BTC to Binance. Before that, Bhutan reportedly sold 533 BTC in mid-June and 738 BTC in early June.
May saw smaller transfers, with two batches of 100 BTC and 90 BTC sent for sale on Binance, according to data cited from Arkham and Lookonchain. The source article also pointed to a larger disposal in March, when Bhutan’s administration reportedly sold about $45 million worth of Bitcoin over several days.
Funding plan tied to Gelephu project
Bhutan’s Bitcoin sales have been linked to the planned development of Gelephu Mindfulness City, or GMC. The government announced at the end of 2025 that proceeds from BTC mined with hydropower would support the project.
GMC is described as a multi-generational special administrative economic zone covering more than 2,600 square kilometers. The plan is for the area to function as an autonomous region centered on green technology, digital finance, and sustainable urban living.
What is confirmed next
For now, the clearest confirmed development is the on-chain transfer itself: 434.87 BTC moved to Binance on Aug. 7 after a month-long pause. Based on Bhutan’s earlier pattern, market observers are treating the deposit as another probable sale, but the source material does not cite direct confirmation from the government on execution or timing.
Any further clarity would likely come from additional wallet movements or official communication about funding for Gelephu Mindfulness City. Until then, the latest transfer stands as the newest measurable step in Bhutan’s ongoing Bitcoin liquidation campaign.
Source: cryptopotato.com