Bhutan Moves $22M Bitcoin to Singapore’s QCP Capital

Blockchain analytics platform Arkham Intelligence confirmed two major outflows from wallets associated with Druk Holding Investments (DHI), Bhutan’s sovereign investment arm. The transactions consisted of 184.03 BTC worth $14.09 million on Wednesday and 100.82 BTC valued at $8.31 million five days earlier. The latter was sent directly to labeled addresses tied to Singapore-based crypto asset trading firm QCP Capital. These transfers occurred as Bitcoin’s price fell below $72,000 for the first time since November 2024, with BTC currently trading at $71,299—down 6.1% on the day and nearly 44% from its October 2025 all-time high of $126,080.

Analysts immediately noted the scale of these transfers differs from Bhutan’s established patterns. According to Arkham’s analysis, the kingdom typically sells Bitcoin in roughly $50 million tranches, with particularly heavy sales between mid and late September 2025 when multiple transactions each exceeded $50 million. “I would think it’s a routine operation. The amount is not particularly big,” Peter Chung, head of research at Presto Research, told Decrypt. “If this transfer happened any other time (when the market is not down so much), it probably wouldn’t receive this kinda attention.”

The nature of the transactions suggests they involve sophisticated financial arrangements rather than simple market liquidation. “QCP Capital is known for offering structured products in crypto, which include various options strategies that investors use for income, accumulation, or hedging,” Pratik Kala, head of research at Apollo Crypto, told Decrypt. “While I cannot say with certainty why Bhutan sent coins to QCP, I would guess that it’s for a structured product instead of outright selling.”

This interpretation aligns with the kingdom’s established treasury management approach. Bhutan moved Bitcoin holdings to institutional market makers as the crypto market extended losses, though analysts say the transfers reflect normal treasury operations rather than distressed selling. The current market volatility appears driven by broader factors rather than crypto-specific weakness. “The current volatility reflects broader macro sensitivity rather than any crypto-specific weakness,” Akshat Siddhant, Lead Quant Analyst at Mudrex, told Decrypt. “Geopolitical tensions between the U.S. and Iran are also keeping risk appetite in check, though ongoing dialogue offers scope for sentiment to improve.”

Bhutan has quietly built one of the world’s most significant sovereign Bitcoin treasuries through a strategic initiative that began around 2019. The kingdom leveraged its abundant hydroelectric power to mine Bitcoin as part of an economic diversification strategy, accumulating digital assets without public disclosure until recent years. This renewable energy-powered mining operation has positioned Bhutan as one of the world’s most crypto-forward governments.

The Himalayan nation has designated Bitcoin, Ethereum, and BNB as strategic reserves for Gelephu Mindfulness City, a designated Special Administrative Region. In December, Bhutan pledged up to 10,000 BTC—representing approximately $1 billion in sovereign reserves—to develop this economic hub in southern Bhutan. According to Arkham’s analysis, DHI’s tracked wallets currently contain about $412 million in crypto assets, largely concentrated in some 5,700 BTC, with little allocation to Ethereum and other assets.

The kingdom’s approach represents a sophisticated integration of cryptocurrency into national economic planning. Rather than treating digital assets as speculative investments, Bhutan has systematically incorporated them into long-term development strategy through both mining operations and treasury management. The recent transactions with QCP Capital appear consistent with this measured, institutional approach to crypto asset management, focusing on structured financial products rather than reactive market trading.