Bhutan Pushes Back on Claims It Sold $1 Billion in Bitcoin

Claims that Bhutan's state-backed investment firm, Druk Holding and Investments (DHI), has been selling Bitcoin have triggered scrutiny after officials offered limited clarification. Onchain tracking by Arkham Intelligence suggests that about $1 billion in Bitcoin has been withdrawn since July 2025 from wallets Arkham attributes to Bhutan, while DHI management said it does not recall making any sales. Bhutan, a Himalayan nation, is widely viewed as the second country after El Salvador to officially mine Bitcoin and hold it as reserves. Arkham's data also indicates that roughly $207 million worth of BTC has been transferred so far this year from wallets believed to belong to DHI to exchanges and trading firms. Arkham estimates Bhutan-linked wallets held about 13,000 BTC in October 2024, falling to around 3,100 BTC as of Friday. If that pace continues, Arkham projects Bhutan could have sold all of its Bitcoin by October 2026. DHI CEO Ujjwal Deep Dahal said, "I don't remember the last time we sold BTC." Asked about the wallet activity flagged by Arkham, the firm added only: "Our statement remains valid; we have nothing further to add." Bhutan has not directly challenged Arkham's wallet attribution, but it has not disclosed how much Bitcoin it holds. Arkham says Bhutan has been mining Bitcoin since at least 2019 and that the government finances at least four mining facilities. Its analysts noted that transfers to centralized exchanges or OTC trading firms typically signal intent to sell, but added that onchain data cannot conclusively prove sales because exchange order books are not visible onchain. A source familiar with one trading firm that buys BTC from Bhutan-linked wallets said there have been no recent sales, raising the possibility that the transfers reflect custody movements, collateral or credit activity, or OTC transactions rather than direct spot selling. In December, Bhutan's government said it would allocate up to 10,000 BTC to support development of Gelephu Mindfulness City, a planned economic zone in the country's south. The pledge, valued at about $860 million at the time, appears difficult to reconcile with the smaller holdings implied by current onchain estimates. Dahal also said unusually steady rainfall this year has boosted hydropower generation, keeping mining operations active. He added that Bhutan's mining runs on renewable energy and that the country is upgrading to next-generation equipment to stay competitive. This is not investment advice.