Bitcoin News Today: Bhutan Transfers $60 Million Bitcoin to Cobo Wallet Amid Strategic Portfolio Shift

Bhutan has transferred approximately $60 million worth of Bitcoin to Cobo Wallet, reflecting a shift in its digital asset management strategy amid declining mining output and increased on-chain trading activity. The move, reported by multiple sources, involves a transfer of Bitcoin to Cobo’s hot wallet at an average price of $116,557 per unit [1]. This follows a similar $59.42 million transfer to Binance in mid-July, reinforcing a pattern of strategic repositioning of the nation’s substantial Bitcoin reserves [1].

The Himalayan nation has held a Bitcoin reserve exceeding 10,700 BTC in recent months—valued at over $1.26 billion—and has demonstrated a pattern of selling during favorable market peaks and re-entering during price dips [1]. Recent on-chain activity suggests a more active approach to portfolio management, with 650 BTC moved in the past month and proceeds totaling $74 million from Binance trades [1]. These actions underscore Bhutan’s willingness to adapt its strategy to market conditions, even as mining operations appear to have slowed.

Mining challenges have been attributed to the ongoing dry season, which affects hydroelectric power supply, and increasing competition in the mining space. Public data shows that Bhutan has not received mining rewards from the Foundry pool in nine months, raising concerns about the reliability of domestic energy for mining [1]. As a result, the government appears to be focusing more on strategic trading and reserve reallocation rather than expanding mining activities in the near term.

The choice of Cobo Wallet—a custodial platform with multi-chain capabilities—suggests a preference for institutional-grade custodial solutions over self-custody methods. This aligns with a broader trend among institutions to adopt secure and compliant infrastructure for managing digital assets [1]. The move also highlights the growing maturity of Bhutan’s approach to digital asset governance, as it balances risk management with long-term strategic goals.

Market observers have noted that Bhutan’s Bitcoin holdings represent a significant force in the crypto market, with the potential to influence short-term price movements. The nation’s digital asset strategy appears to be evolving toward a more dynamic and opportunistic model, leveraging both liquidity and market timing [1].

Sources:

[1] Royal Government of Bhutan moves Bitcoin worth $60 ... (https://www.mitrade.com/insights/news/live-news/article-3-1021894-20250808)