The post Bhutan Transfers $40 Million in Bitcoin appeared on BitcoinEthereumNews.com.

Bhutan moves 406.074 BTC worth $40M to QCP Capital amid market optimism. Druk Holdings produces 55–75 BTC weekly using clean hydropower. Bhutan leverages mining, lending, and investments to manage national wealth. The Royal Government of Bhutan has recently transferred 406.074 Bitcoin, valued at approximately $40 million, to cryptocurrency investment firm QCP Capital. This significant transaction, first identified by Onchain Lens, has sparked speculation that the funds may soon be sold. Bhutan’s Cryptocurrency Powerhouse Bhutan’s sovereign holding company, Druk Holdings, remains a key player in the nation’s cryptocurrency landscape. The organization retains substantial holdings despite the transfer, including 11,688 BTC valued at $1.15 billion and 656 ETH worth $2.53 million, according to Arkham Intelligence. Druk Holdings was established in 2007 to manage the crown’s investments for the long-term benefit of Bhutan’s citizens. Its diverse portfolio includes investments in Bhutan Telecom, Drukair Corporation, the Bank of Bhutan, and the Royal Insurance Corporation of Bhutan. Bitcoin Mining A notable aspect of Druk Holdings’ strategy is its Bitcoin mining operations, which produce between 55 and 75 BTC weekly. These operations are powered by Bhutan’s abundant and clean hydropower resources. Which is aligning with the country’s commitment to sustainable energy. The organization has also utilized major mining pools like AntPool and Foundry to bolster its mining capabilities. Druk Holdings’ cryptocurrency wallet has been active since early 2021, steadily accumulating Bitcoin with minor outflows. Beyond mining, the organization has leveraged cryptocurrency lending platforms to generate additional yield from its holdings. The transfer comes amid a significant surge in Bitcoin’s price, which recently reached the $100,000. Which mark following Donald Trump’s U.S. presidential election victory. This price increase may have influenced the timing of the transaction, as it is potentially seeks to capitalize on Bitcoin’s bullish momentum. The move underscores Bhutan’s active engagement in the cryptocurrency space.…

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Filed under: News - @ December 10, 2024 4:16 am