Bhutan Trims Bitcoin Treasury to 4,452 BTC After Latest $36M Transfer – Crypto News Bitcoin News

At peak, Bhutan held an estimated 13,000 — worth over $1.4 billion and equivalent to roughly 40% of the country‘s GDP. That number has declined sharply. After a 973 tranche moved last week (valued at approximately $72.3 million, partly routed through Binance-linked addresses), this week’s sale pushes Bhutans estimated year-to-date liquidations above $110 million.

Current holdings are estimated to be around 4,452.799 , or roughly $319 million at current prices. No meaningful inflows above $100,000 have been recorded in over a year.

The pattern points to reduced mining output following the April 2024 Bitcoin halving, which cut block rewards in half and compressed margins across the industry. Bhutans hydropower resources remain extensive, but competing domestic energy demands and higher operational costs have changed the economics.

DHI has not issued a public statement about the transfers. That silence is consistent with how the kingdom has handled its entire program — quietly, methodically, and without fanfare.

Execution through QCP Capitals is deliberate. Moving large blocks off-exchange avoids direct order book impact and keeps price slippage low. Analysts tracking the wallet activity describe the sales as routine treasury management, not distressed .

Bitcoin was trading above $70,000 at the time of the latest transfer. The move did not trigger visible price — a function of both the OTC routing and the clip size, which sits well within the range institutional desks handle daily.

Bhutans approach to has drawn attention from sovereign wealth managers and nation-state observers. El Salvador made headlines for its public accumulation strategy. Bhutan took the opposite route: mine quietly, hold quietly, sell quietly.

Whats left of that treasury is still worth hundreds of millions. At the current drawdown pace, analysts watching onchain flows expect continued monthly sales in the $5–$30 million range through the remainder of 2026.

FAQ ????????

• How much does Bhutan currently hold？ After the March 25 sale, Bhutans estimated remaining holdings are between 4,400 and 5,400 , worth approximately $315–374 million.
• Why is Bhutan selling its ？ DHI appears to be realizing liquidity from its treasury through steady OTC sales, consistent with post-halving mining economics and domestic hydropower demands.
• Who is QCP Capital and why does Bhutan use them？ QCP Capital is a Singapore-based institutional crypto trading firm that facilitates OTC block trades, allowing Bhutan to sell large BTC amounts without directly impacting exchange markets.
• Has Bhutan made any official statement about its sales？ No — the Royal Government of Bhutan and DHI have not issued any public statements regarding these onchain transfers, consistent with their historically low-profile approach.