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%, the Druk Holding rebalance is acting like a real treasury, not a hodler.

Bhutan sold 102 BTC in April through Druk Holding & Investments, the 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. Two different country playbooks, two different outcomes.