Bhutan Moves $60M in Bitcoin to Cobo Wallet: A Strategic Move

Bhutan has transferred $60M in Bitcoin to Cobo Hot Wallet at an average price of $116,557 per BTC. The move suggests the country is active in managing its digital assets strategically. Bhutan retains a massive $1.26 billion in Bitcoin holdings. This transfer follows a recent sale of nearly $59.42 million in Bitcoin to Binance last month.

The Royal Government of Bhutan has transferred $60 million in Bitcoin (BTC) to a Cobo Hot Wallet, with each BTC valued at an average of $116,557 [1]. This move suggests the country is actively managing its digital assets strategically. Bhutan retains a substantial $1.26 billion in BTC holdings, as reported by Arkham Intelligence [1].

This transfer follows a recent sale of nearly $59.42 million in BTC to Binance last month [1]. The coins were initially moved to a new intermediary address in two transactions, with one test transaction sent to Binance setting expectations for further sales [1].

The move to Cobo, a trusted custodian, breaks the chain of traceability for Bhutan’s BTC, making it challenging to track the exact disposition of the funds [1]. This transfer comes as corporate treasuries were buying up BTC, while some short-term traders realized gains at the market's peak [1].

Bhutan's balance of all wallets has declined slightly from its peak, with the top wallets no longer showing regular daily inflows of BTC. Mining remains highly competitive, even for powerful data centers, and the country's hydroelectric miners may face issues during the dry season [1].

The Royal Government of Bhutan may attempt to rebuy BTC, as indicated by shifts in its balance. In May, balances decreased to under 8,000 BTC, suggesting some BTC was sold and potentially re-bought at a lower price [1].

This strategic asset management by Bhutan underscores its active involvement in the crypto market, following its role as a pioneer in rolling out a nationwide crypto payment system [2]. The country's moves often spark debate about potential future plans for more dynamic state-level crypto engagement and reshaping Bitcoin’s utility in national financial strategies [2].

References:
[1] https://www.mitrade.com/insights/news/live-news/article-3-1021894-20250808
[2] https://finbold.com/is-bhutan-now-dumping-their-bitcoin/