Bhutan Dumps $22.4M Bitcoin: Sovereign Wallet Sales Signal Strategic Trim in Shrinking $412M Portfolio

Including direct sales to market maker QCP Capital, Bhutan has unloaded $22.4 million worth of Bitcoin in recent sovereign wallet transfers. Druk Holding and Investments (DHI) saw two major outflows: 184.03 BTC worth $14.09 million and 100.82 BTC at $8.31 million. With Binance handling the majority (68%) of Bhutan's historic transfers totaling $261 million and Kraken assuming a supporting part, these motions represent a smaller weekly divestment than the $50 million tranches often witnessed in late 2025.

From its peak of $1.4 billion, the kingdom's crypto portfolio has shrunk drastically to $412 million today dominated by around 5,700 BTC with only minor ETH and altcoin holdings; this represents a drop of more than 70%. This fall results from conscious sales combined with Bitcoin's price corrections following the 2024 halving. Bhutan has made $765 million in earnings versus only $120 million in energy expenses since the start of hydropower-powered Bitcoin mining in 2019, even while mining output and related profits have slowed in the post-halving climate.

These latest sales seem to be a methodical treasury management plan aimed at profit-taking, portfolio rebalancing, and reducing market effect during Bitcoin's decline near the $70,000 zone—not any evidence of financial hardship. Bhutan keeps its pioneering role in sovereign crypto mining while changing to changing market dynamics by means of selective and limited divestment, by sending sales via expert market makers such as QCP Capital.