Bhutan Transfers $22M in Bitcoin Amid Market Downturn
Bhutan transferred Bitcoin holdings to institutional market makers amid market declines, but analysts indicate this is routine treasury management rather than distressed selling. In the past week, Druk Holding Investments (DHI), Bhutan's sovereign investment arm, moved a total of 284.85 BTC (worth approximately $22.4 million) with some sent to Singapore-based QCP Capital. Bitcoin recently fell below $72,000, trading at $71,299—down 44% from its October 2025 peak. Market volatility is seen as tied to broader macroeconomic and geopolitical factors rather than crypto-specific issues. Bhutan has mined Bitcoin since 2019 using hydroelectric power, quietly accumulating one of the world’s largest sovereign BTC treasuries. The country designates Bitcoin, Ethereum, and BNB as strategic reserves, specifically allocating up to 10,000 BTC (~$1 billion) to its Gelephu Mindfulness City project. Recent outflows are smaller compared to previous sales, which typically involve $50 million tranches. DHI’s wallets hold about $412 million in crypto, mainly Bitcoin, with little exposure to other assets. Transfers to QCP may be for structured products, not necessarily direct sales.
