Bhutan’s state-owned investment arm, Druk Holding and Investments (DHI), transferred 519.7 bitcoin (BTC), worth approximately $36.75 million, to wallets linked to Singapore-based OTC desk QCP Capital early Wednesday, continuing a pattern of steady, low-profile liquidations that have reduced the kingdom’s holdings by an estimated 65% from their peak.
Sovereign Bitcoin Mining and Gradual Liquidation
Bhutan began accumulating bitcoin around 2019–2020, leveraging its abundant hydropower resources to mine at a scale few expected from a landlocked Himalayan nation of roughly 800,000 people. At its peak, DHI held an estimated 13,000 BTC — worth over $1.4 billion and equivalent to about 40% of the country’s GDP. However, the economics shifted after the April 2024 Bitcoin halving, which slashed block rewards in half and compressed mining margins. Combined with rising domestic energy demand and higher operational costs, DHI began quietly selling.
On March 25, 2026, onchain analytics account @Onchainlens flagged a transaction from a known Bhutan-controlled address (3QkQz739oPCen7HfNQzaNyV6DwDx4JB7iS) to QCP Capital. The funds were split across two wallets, with one carrying a QCP Capital association consistent with prior moves. This sale follows a 973 BTC transfer last week (valued at $72.3 million, partly routed through Binance-linked addresses). Year-to-date, Bhutan’s BTC sales have surpassed $110 million.
Current Holdings and Market Dynamics
After the latest transfer, DHI’s estimated holdings stand at roughly 4,452.799 BTC ($319 million at current prices). No meaningful inflows above $100,000 have been recorded in over a year, indicating a net drawdown. By routing sales through QCP Capital’s OTC desk, Bhutan avoids direct order book impact, minimizing price slippage. Bitcoin traded above $70,000 at the time of the transfer, and the move triggered no noticeable volatility — a testament to both the OTC execution and the modest clip size relative to institutional trading volumes.
Analysts describe the sales as routine treasury management rather than distressed liquidation. DHI has not issued any public statement, consistent with its historically low-profile approach. The pattern suggests reduced mining output post-halving, with Bhutan’s hydropower resources still extensive but constrained by domestic needs.
What Lies Ahead
At the current drawdown pace, onchain watchers anticipate continued monthly sales in the $5–$30 million range through the remainder of 2026. Unlike El Salvador’s high-profile accumulation strategy, Bhutan has taken the opposite route: mine quietly, hold quietly, sell quietly. What remains of its treasury — worth hundreds of millions — still provides substantial fiscal flexibility.
FAQ 🇧🇹
- How much bitcoin does Bhutan currently hold? After the March 25 sale, Bhutan’s estimated holdings are between 4,400 and 5,400 BTC, worth approximately $315–374 million.
- Why is Bhutan selling its bitcoin? DHI appears to be realizing liquidity via steady OTC sales, in line with post-halving mining economics and domestic hydropower demands.
- Who is QCP Capital? A Singapore-based institutional crypto trading firm that facilitates OTC block trades, allowing Bhutan to sell large amounts without directly impacting exchange markets.
- Has Bhutan made any official statement? No — the Royal Government and DHI have not issued public statements regarding these transfers, consistent with their low-profile approach.