Royal Government of Bhutan sells 434 BTC for $28M as sovereign Bitcoin treasury continues to shrink

The Royal Government of Bhutan just moved another 434.87 Bitcoin, worth approximately $27.93 million, off its books. The transfer marks the end of a month-long pause in outflows and continues a selling pattern that has quietly turned one of the world’s most unlikely sovereign Bitcoin holders into one of its most consistent sellers. Bhutan’s crypto treasury, managed through its sovereign investment arm Druk Holding and Investments (DHI), once held more than 13,000 BTC. That was back in October 2024, when the stash was worth north of $1 billion. Today, the kingdom’s remaining holdings sit somewhere between 3,000 and 4,000 BTC. A kingdom cashing out in careful increments The transfers have historically been routed through over-the-counter channels rather than dumped directly onto exchanges. OTC sales let large holders move significant volumes without cratering the spot price. Individual sales have typically been sized between $5 million and $10 million per batch. This latest $27.93 million transfer is larger than that usual range, but it follows the same playbook of measured, institutional-grade liquidation directed toward market makers or exchange deposit addresses. Cumulative outflo...