Bhutan’s Bitcoin Treasury Sheds $37M in Digital Pounds, Slims to 4.5K Coins

The Kingdom of Bhutan has decided its sovereign Bitcoin bag is looking a bit heavy and has shaved off another chunk. Fresh on-chain intel from Arkham shows a tidy 519.7 BTC – a cool $36.75 million – packed up and shipped to two wallets, one of which is a known address for Singapore's QCP Capital, because even dragons prefer OTC desks for their bulk sales.

This marks the third serious de-risking session for the Druk dynasty this month, proving even Himalayan hodlers aren't immune to profit-taking FOMO. It follows a more aggressive $72 million fire sale split across six txs just before March 18, and a warm-up $11.8 million transfer on March 9. Post this latest trim, the royal wallet still sits on a respectable 4,453 BTC (about $315 million), a far cry from its peak chonky stack of over 13,000 coins back in October 2024.

The nation’s impressive BTC treasury was originally forged not by trading, but by harnessing mountain rivers to power mining rigs—the ultimate green energy degen play. This hydro-powered hustle once vaulted Bhutan to the number five spot on the national Bitcoin holder leaderboard (trailing the US, UK, El Salvador, and the UAE) as of mid-March, a ranking that’s probably already outdated.

While the Dragon Kingdom's official statement is pure radio silence, the steady drumbeat of $30-$70 million withdrawals screams "disciplined exit liquidity strategy." The proceeds are likely earmarked for domestic ventures like the Gelephu Mindfulness City, because what’s more zen than converting digital scarcity into physical infrastructure? The on-chain breadcrumbs clearly lead to exchange-linked addresses, confirming this is a sale, not just a fancy wallet reshuffle.

In essence, Bhutan’s sovereign Bitcoin portfolio is on a dedicated weight-loss program, trading massive chunks of digital gold for fiat runway, leaving a leaner, meaner 4.5K-coin stack to see what the next market cycle brings.