One of the world’s most intriguing sovereign Bitcoin holders is quietly trimming its position. The Royal Government of Bhutan has continued its Bitcoin selling streak, moving another $6.7 million to QCP Capital this week. This follows $22.4 million in sales just days earlier, bringing February’s total to approximately $30 million. The selling comes as BTC struggles near $66,000 amid bearish projections and institutional outflows.
The Bhutan Bitcoin Sale: A Sovereign Strategy
According to Arkham data, the transactions originated from Druk Holding Investments (DHI) , Bhutan’s investment arm. The latest transfer joins two earlier February sales: 184 BTC ($14.09M) and 100.8 BTC ($8.31M) , both also sent to QCP Capital. This pattern suggests coordinated, strategic distribution rather than panicked liquidation.
Bhutan began accumulating Bitcoin through mining operations back in 2019. Its holdings peaked at 13,295 BTC in October 2024. Today, that number has dwindled to approximately 5,600 BTC, ranking the kingdom seventh globally among national BTC holders. The selling has occurred in tranches, with some September 2025 transactions exceeding $50 million.
Institutional Pressure Mounts
The sovereign sales coincide with broader institutional retreat. Bitcoin ETFs bled $410 million on Thursday, led by BlackRock’s IBIT (-$157M) and Fidelity’s FBTC (-$104M). Standard Chartered exacerbated the mood, slashing its 2026 BTC target to $100,000 and warning of a potential drop to $50,000.
Contrast this with Bernstein, which maintained its $150,000 forecast, calling the pullback the “weakest bear case” in Bitcoin’s history, citing no major infrastructure failures and only modest ETF outflows.
My Thoughts
A sovereign Bhutan Bitcoin sale carries different weight than institutional selling. Bhutan isn’t a distressed seller; it’s a long-term miner turned distributor. The coordination with QCP Capital suggests professional execution, not desperation.
This reduces the “dumping” narrative risk. Still, combined with relentless ETF outflows, it adds to supply-side pressure. The bullish read? Bhutan likely sold into strength in 2024 and is now harvesting profits to fund national development—exactly what a sovereign treasury should do. For the market, the key is absorption. Can demand meet this structured supply? So far, at $66K, the answer is: barely.
