Why is Bhutan denying reports that it sold bitcoin?

Bhutan officials said they do not recall selling any Bitcoin despite blockchain data suggesting large wallet outflows. However, the government did not directly dispute the wallet attribution or explain the specific transfers identified by Arkham Intelligence.

What did Arkham Intelligence claim about Bhutan’s bitcoin holdings?

Arkham data suggested wallets linked to Druk Holding and Investments dropped from roughly 13,000 BTC in late 2024 to around 3,100 BTC recently. The analytics firm estimated more than $1 billion worth of bitcoin moved out of those wallets since mid-2025.

Does blockchain data prove Bhutan sold its bitcoin?

Not definitively. Arkham analysts said transfers to exchanges and trading firms often indicate selling activity, but on-chain data alone cannot confirm whether the assets were sold, moved into custody, pledged as collateral or used in OTC transactions.

Why are investors paying attention to Bhutan’s bitcoin activity?

Bhutan became one of the first sovereign nations to publicly embrace bitcoin mining using hydroelectric energy. Large-scale movements from state-linked wallets could affect market sentiment around sovereign crypto adoption and government-held bitcoin reserves.

What is Druk Holding and Investments (DHI)?

Druk Holding and Investments is Bhutan’s sovereign investment arm and has reportedly overseen the country’s bitcoin mining operations since at least 2019. The fund manages strategic national investments across multiple sectors.

Why does Bhutan mine bitcoin?

Bhutan has abundant hydropower resources, which provide relatively low-cost renewable electricity for bitcoin mining. The country has promoted mining as a way to monetise excess energy production and diversify national revenue sources.

What is the Gelephu Mindfulness City bitcoin pledge?

In December, Bhutan pledged up to 10,000 BTC toward development of the Gelephu Mindfulness City economic zone. If Arkham’s wallet estimates are accurate, Bhutan may now hold substantially fewer coins than originally pledged.

Why are Galaxy Digital and OKX mentioned in the report?

Galaxy Digital and OKX were identified as counterparties connected to wallets receiving funds from Bhutan-linked addresses. Transfers to exchanges or trading firms are often interpreted as possible preparation for selling activity.

Image for illustrative purposes only. Not a real photo.

Bhutan disputes $1B Bitcoin selloff claims

Written by Brie CarterPublished May. 18 2026Last Updated May. 18 2026

Bhutan officials denied selling bitcoin despite blockchain data from Arkham Intelligence showing that wallets linked to the country’s sovereign wealth fund moved more than $1 billion worth of BTC since mid-2025.

Arkham data suggests wallets attributed to Druk Holding and Investments reduced holdings from roughly 13,000 BTC in late 2024 to around 3,100 BTC, with approximately $207 million in bitcoin transferred out during 2026 alone.

“I don’t recall the last time we sold any BTC,”

Druk Holding and Investments chief executive Ujjwal Deep Dahal told CoinDesk, while the fund declined to address specific wallet movements or confirm current bitcoin reserves.

Arkham analysts said transfers from Bhutan-linked wallets flowed toward exchanges and trading firms including wallets previously interacting with Galaxy Digital and OKX, patterns typically associated with potential selling activity.

The analytics firm said Bhutan has actively mined Bitcoin since at least 2019 using hydroelectric-powered mining facilities funded by the government, although CoinDesk previously reported that mining inflows appeared to slow significantly during the past year.

The apparent drawdown has also raised questions about Bhutan’s December pledge to commit up to 10,000 BTC toward development of the Gelephu Mindfulness City economic zone, as current Arkham estimates suggest the country now holds substantially less than that amount.

Bhutan officials maintained that mining operations remain active due to strong hydropower capacity and favourable rainfall conditions, while continuing to avoid directly confirming whether the on-chain movements represented outright bitcoin sales, collateral transfers or custody-related restructuring.

At the time of reporting, Bitcoin price was $77,123.59.