Bhutan Denies Bitcoin Sales Amid $1 Billion Drawdown Claims
Bhutan ‘doesn’t recall’ selling any bitcoin, disputing widely-tracked $1 billion BTC drawdown
Coindesk
Image: Coindesk
Bhutan's government disputes claims from Arkham Intelligence that it has sold $1 billion worth of bitcoin, reducing its holdings from 13,000 BTC to 3,100 BTC. Officials from Druk Holding and Investments maintain they have not sold any bitcoin, raising questions about the country's ability to fulfill its pledge of 10,000 BTC for a new economic zone.
- 01Arkham Intelligence's data indicates Bhutan's bitcoin holdings have decreased significantly from approximately 13,000 BTC to around 3,100 BTC since mid-2025.
- 02Druk Holding and Investments CEO Ujjwal Deep Dahal stated, 'I don't recall the last time we sold any BTC,' despite significant wallet movements attributed to Bhutan.
- 03The Bhutanese government has been mining bitcoin since 2019, leveraging its hydropower resources to support operations.
- 04Arkham's analysis suggests that the outflows from Bhutan's wallets may indicate selling activity, although Bhutan officials dispute this characterization.
- 05Bhutan's commitment to contribute 10,000 BTC for the development of Gelephu Mindfulness City is now in question due to the reduced bitcoin holdings.
Advertisement
In-Article Ad
Bhutan's government is facing scrutiny over claims that it has sold approximately $1 billion in bitcoin, as reported by Arkham Intelligence. The data suggests that Bhutan's sovereign wealth fund, Druk Holding and Investments (DHI), has reduced its bitcoin holdings from about 13,000 BTC to roughly 3,100 BTC since mid-2025. DHI officials, including CEO Ujjwal Deep Dahal, have denied any sales, stating, 'I don't recall the last time we sold any BTC.' This denial raises questions about the country's ability to fulfill its commitment of 10,000 BTC for the development of a new economic zone, Gelephu Mindfulness City. The kingdom has been mining bitcoin since 2019, utilizing its abundant hydropower resources. However, reports indicate that Bhutan may have halted its mining operations, with no significant inflows to its wallets in over a year. While Arkham's analysis interprets the wallet movements as potential selling activity, Bhutanese officials maintain that such transfers do not equate to sales. The situation remains unclear, with more questions than answers regarding Bhutan's bitcoin strategy and future.
Advertisement
In-Article Ad
The uncertainty surrounding Bhutan's bitcoin holdings could affect its economic development plans and investor confidence.
Advertisement
In-Article Ad
Reader Poll
Do you believe Bhutan should continue its bitcoin mining operations?
Connecting to poll...
Read the original article
Visit the source for the complete story.