Bhutan sells 102 more BTC — sovereign treasury discipline in action

Bhutan trimmed 102 BTC in April. With BTC down 14% YTD and gold up 7%, Druk Holding is acting like a real treasury, not a hodler.

Bhutan sold 102 BTC in April through Druk Holding & Investments, the country sovereign investment vehicle. The move trims the visible Bhutan stack from 12,200 BTC to 12,098 BTC. With BTC down 14% YTD and gold up 7%, this is a treasury rebalance, not a panic sell.

Druk has been quietly rotating into infrastructure spending and gold parity through 2025-2026, using BTC sales to fund hydro and digital infrastructure projects. Compare to El Salvador, which has held nearly all of its BTC purchases through the same cycle.