- Bhutan-linked wallets may have sold nearly $1 billion worth of bitcoin since July 2025.
- Wallets attributed to Druk Holding and Investments (DHI) reportedly moved around $207 million in BTC during 2026.
- Bhutan officials stated they have not sold any bitcoin.
- Arkham-tagged holdings reportedly declined from around 13,000 BTC in October 2024 to about 3,100 BTC.
- DHI said Bhutan’s bitcoin mining operations remain active using hydroelectric power.
Large Bitcoin Outflows
Bhutan, the Himalayan nation that became one of the first countries to officially mine and hold bitcoin, is reportedly facing questions over the movement of its bitcoin reserves. According to blockchain analytics firm Arkham Intelligence, wallets attributed to Druk Holding and Investments (DHI), Bhutan’s sovereign wealth fund, may have sold approximately $1 billion worth of bitcoin since July 2025.
Arkham’s data shows that wallets linked to DHI moved roughly $207 million in bitcoin during 2026 to exchanges and trading firms. The analytics firm reported that holdings in the tagged wallets declined from around 13,000 BTC in October 2024 to approximately 3,100 BTC on Friday, valued at about $252 million based on Friday evening India time prices. Arkham also estimated that Bhutan could sell its remaining bitcoin holdings by October 2026 if the current pace of outflows continues.
Bhutan Officials Deny Bitcoin Sales
Officials from DHI stated that Bhutan has not sold any bitcoin. DHI did not directly address the reported wallet movements and did not dispute Arkham’s attribution of the wallets. The sovereign wealth fund also did not confirm the exact amount of bitcoin currently held by Bhutan.
Arkham stated that it has tracked the wallets as belonging to DHI for several years and said previous reports of wallet movements had not been disputed by Bhutanese authorities. The analytics firm also reported that Bhutan has been actively mining bitcoin since at least 2019, with the government funding at least four known mining facilities in the country.
Some of the wallet outflows reportedly moved to addresses previously associated with Galaxy Digital, OKX, and other trading firms typically linked to bitcoin sales activity. However, a source close to one of the trading firms that received bitcoin from Bhutan-linked wallets reportedly stated that no recent sales had taken place. The report noted that the wallet activity could represent transfers related to custody arrangements, collateral postings, lending structures, or over-the-counter transactions rather than spot market sales.
Questions Continue Around Bhutan’s Bitcoin Position
In December, Bhutan announced a Bitcoin Development Pledge that committed up to 10,000 BTC toward the development of Gelephu Mindfulness City, an economic zone in southern Bhutan. At the time of the announcement, the commitment was valued at approximately $860 million.
With bitcoin trading near $79,000 and Arkham estimating Bhutan currently holds around 3,300 BTC, questions have emerged regarding the pledged amount and the country’s remaining reserves. Separate reports in March suggested Bhutan may have stopped mining operations due to a lack of significant inflows into known wallets for more than a year.
That report noted the absence of inflows was unusual for Bhutan, which has relied on hydroelectric power to support bitcoin mining operations. DHI official Dahal stated that Bhutan experienced early and consistent rainfall during the year, supporting hydropower generation and mining operations.
According to Dahal, all bitcoin mined in Bhutan is powered by green energy, and the country continues upgrading to newer mining equipment to remain competitive. Arkham’s data indicates Bhutan’s remaining bitcoin holdings still reflect an unrealized profit estimated at around $754 million. The differing statements between Bhutanese officials and the observed onchain wallet activity continue to raise questions regarding the status of the country’s bitcoin reserves.
FAQs
1. Why is Bhutan’s bitcoin holding under attention?
Arkham Intelligence data showed large bitcoin outflows from wallets attributed to Bhutan’s sovereign wealth fund, Druk Holding and Investments (DHI), since July 2025.
2. How much bitcoin does Bhutan reportedly hold now?
According to Arkham-tagged wallet data, Bhutan’s holdings declined from around 13,000 BTC in October 2024 to approximately 3,100 BTC.
3. Did Bhutan confirm selling bitcoin?
Officials from DHI stated that Bhutan has not sold any bitcoin and did not confirm the reported wallet movements as sales.
4. Does Bhutan still mine bitcoin?
DHI said Bhutan’s bitcoin mining operations remain active and are powered by hydroelectric energy.
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