Bhutan Denies Reports It Has Sold Bitcoin in Bulk

Bhutan, which has been mining and buying Bitcoin at the state level, is pushing back against reports that it has been unloading the token on a large scale. The speculation followed on-chain data showing about $1 billion of Bitcoin leaving wallets linked to the country.

Data from Arkham Intelligence dated May 15 showed that Druk Holding & Investments, or DHI, Bhutan’s sovereign wealth fund, sold about $1 billion of Bitcoin starting in July 2025. Arkham estimated Bhutan’s Bitcoin holdings fell from about 13,000 tokens in October 2024 to just over 3,100 now.

Arkham also said Bitcoin worth $207 million moved this year alone from wallets believed to be owned by DHI to global exchanges and trading firms. Transfers to exchanges or over-the-counter, or OTC, firms effectively amount to sales, the analytics firm said, adding that Bhutan’s Bitcoin holdings would be depleted by October at the current pace.

Bhutan denied the claim. Ujjwal Deep Dahal, chief executive officer of DHI, told CoinDesk he could not even remember the last time the fund sold Bitcoin. He did not give a detailed response on transfers from specific wallets or on Bhutan’s exact current Bitcoin holdings.

Some in the industry say wallet transfers do not necessarily indicate a sale. The assets could have been moved to a custodian, pledged as collateral for loans or tied to a specialized form of OTC agreement. A representative at one trading firm reported to have received Bitcoin from Bhutan also said there had been no recent sale transaction.

Bhutan also rejected reports earlier this year that it had halted mining. Dahal said heavy rainfall has boosted hydropower generation this year, and that the country is staying competitive by deploying the latest mining machines powered by 100% clean energy.