Did Bhutan just sell 935 bitcoins from its Bitdeer mining partnership?
Earlier today, Bitdeer’s mining partnership in Bhutan deposited 935 bitcoins worth around $66 million into an account on Binance. Reactions indicated that some people interpreted the move as preparations to sell the coins. According to Arkham Intelligence, the coins were moved in two separate transactions of $59.2 million and $7.3 million on Tuesday morning shortly after the world’s leading cryptocurrency crept above the $70,000 threshold. Since 2019, Jihan Wu’s mining giant Bitdeer and its partnership with Druk Holding & Investments, a sovereign wealth manager for Bhutan, has been steadily growing its bitcoin mining operations. The partners have, according to Arkham Intelligence, amassed a trove of 12,456 bitcoins worth somewhere in the region of $890 million . For context, boldly pro-bitcoin El Salvador has amassed fewer than 6,000 bitcoins as of last month. Bitdeer has quietly made bitcoin an increasingly important role in Bhutan’s economy since Druk first ...