Onchain analytics account @Onchainlens flagged the transaction first, with Arkham Intelligence labeling the source wallet address 3QkQz739oPCen7HfNQzaNyV6DwDx4JB7iS as a known Bhutan government-controlled address. The funds were split across two new wallets in a single transaction, one of which carries a QCP Capital association consistent with prior moves.

Druk Holding and Investments (DHI), the royal government’s strategic development arm, oversees Bhutan’s bitcoin mining operations and the resulting treasury. The country began accumulating BTC around 2019–2020, using cheap hydropower to mine at a scale few anticipated from a landlocked Himalayan nation of roughly 800,000 people.

X account Onchain Lens flagging Bhutan’s transfer.

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

Current holdings are estimated to be around 4,452.799 BTC, or roughly $319 million at current bitcoin 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. Bhutan’s 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 bitcoin program — quietly, methodically, and without fanfare.

Execution through QCP Capital‘s OTC desk is deliberate. Moving large BTC 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 liquidation.

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

Bhutan’s approach to bitcoin 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.

What’s 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.

• How much bitcoin does Bhutan currently hold? After the March 25 sale, Bhutan’s estimated remaining 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 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 bitcoin 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.

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