Bhutan moves $36.75M in Bitcoin to QCP Capital-linked wallets as sovereign stack continues drawdown

Druk Holdings mined these coins at near-zero marginal cost on hydropower since 2019, so every sat leaving these wallets is pure profit being recycled into Gelephu Mindfulness City buildout. Stack went from 13K BTC to ~4,450 with zero visible market impact — routing $110M YTD through QCP's OTC desk in disciplined $5-10M clips tells you this is treasury management, not capitulation. Compare to El Salvador constantly defending its stack under IMF pressure; Bhutan just quietly monetizes stranded energy into sovereign infrastructure with no external creditors to answer to.

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