Bhutan's state-owned investment vehicle, Druk Holding and Investments (DHI), transferred approximately 519.7 Bitcoin (worth $36.75 million) early Wednesday to wallets associated with Singapore-based OTC desk QCP Capital. The move marks the latest step in the Himalayan kingdom's systematic and discreet Bitcoin divestment, reducing its known holdings by roughly 65% from peak levels.
Transaction Details: QCP Capital Receives Funds via OTC
Blockchain analytics account @Onchainlens first spotted the transaction. Arkham Intelligence tagged the sending address (3QkQz739oPCen7HfNQzaNyV6DwDx4JB7iS) as controlled by the Bhutanese government. The funds were split into two new wallets, one of which matches patterns from previous QCP Capital deals. By routing the sale through an OTC desk, Bhutan avoided direct exchange orders, mitigating price slippage and keeping the market impact minimal.
Holdings in Decline: From 13,000 BTC to 4,452 BTC
Bhutan began accumulating Bitcoin around 2019–2020 by leveraging its abundant hydropower for mining. At its peak, the country held an estimated 13,000 BTC (worth over $1.4 billion, roughly 40% of GDP). However, after the April 2024 Bitcoin halving reduced block rewards by 50%, mining economics deteriorated sharply. Combined with competing domestic energy demands, DHI has been steadily selling. Last week, Bhutan moved 973 BTC (~$72.3 million), and this week's transfer pushes total 2026 liquidation past $110 million. Current holdings are estimated at 4,452.799 BTC, worth about $319 million at current prices. No meaningful inflows above $100,000 have been recorded for over a year, suggesting significantly reduced mining output.
No Official Statement, Market Views Sales as Routine Treasury Management
DHI has not issued any public statement regarding the transfer, consistent with its long-standing policy of silence. Analysts tracking wallet activity describe the sales as routine treasury management rather than emergency liquidation. The pace of selling — between $5 million and $30 million per month — is projected to continue through at least the end of 2026, based on current trends.
FAQ: Key Questions About Bhutan's Bitcoin Holdings
- How much Bitcoin does Bhutan currently hold? After the March 25 sale, the remaining stash is estimated between 4,400 and 5,400 BTC, valued at $315 million to $374 million.
- Why is Bhutan selling? Post-halving mining economics and domestic power needs appear to be driving DHI to monetize its digital gold through steady OTC sales.
- What is QCP Capital? A Singapore-based institutional crypto trading firm that brokers large OTC blocks, enabling Bhutan to offload sizeable amounts without impacting exchange order books.
- Has Bhutan made any official comments? No. The Royal Government of Bhutan and DHI have remained completely silent on these on-chain movements.
While El Salvador buys the headlines with its public accumulation strategy, Bhutan takes the opposite path: quietly mining, quietly holding, and quietly selling. As the halving's effects continue to strain mining margins, this small Himalayan kingdom could remain a steady source of natural supply pressure for years to come.