Bhutan’s DHI Transfers $22M in Bitcoin Amid Crypto Downturn; QCP Capital Recipient

Bhutan’s sovereign investment arm, Druk Holding Investments (DHI), sold 284.85 BTC valued at $22.4 million in two transactions from late January to February 2, 2026, as Bitcoin extended declines. Arkham blockchain analytics confirmed the outflows to labeled addresses tied to Singapore-based QCP Capital, a provider of structured crypto products. Bitcoin fell to $71,299 on February 2, 2026, down 6.1% on the day and about 44% from its October 2025 all-time high of $126,080, according to CoinGecko. Analysts describe the moves as routine treasury operations, consistent with DHI’s established $50 million-per-tranche sales pattern, particularly active in mid- to late-September 2025. DHI’s tracked wallets hold roughly $412 million in crypto, or about 5,700 BTC, with Arkham noting the recent sales align with Bhutan’s long-standing, hydroelectrically powered Bitcoin mining and strategic crypto reserve buildup. The kingdom designated Bitcoin, Ethereum, and BNB as strategic reserves for Gelephu Mindfulness City, a $1 billion special administrative economic hub.