Bhutan’s Bitcoin Mystery: CEO Claims No Sales, Arkham Data Shows Otherwise

by

DHI CEO Says Bhutan Has No Recollection of Selling <a href="https://pricpr.com/btc-usd/">BTC</a> Despite Balance Drop Flagged by Arkham

Although reports suggesting Bhutan has been selling its Bitcoin over the past year have spread – based on tracking of specific digital wallets – Druk Holding and Investments (DHI) stated they don’t remember the last time they sold any BTC.

  • Key Takeaways:

  • Arkham tracked Bhutan’s BTC holdings falling from 13,000 BTC in Oct. 2024 to today’s reported 3,121 BTC.
  • DHI CEO Ujjwal Deep Dahal said in 2026 he does not “recall” Bhutan selling BTC.
  • Arkham told Coindesk its AI-labeled wallets tied to Bhutan remain unverified by officials.

Arkham Tracks Bhutan BTC Falling From 13K, While Druk Holding and Investments Boss Does Not ‘Recall’ the Last Time the Country Sold Any BTC

According to a report published by Coindesk’s Shaurya Malwa, Druk Holding and Investments (DHI) CEO Ujjwal Deep Dahal told the publication by email that he does not recall selling bitcoin this year, despite widespread reporting suggesting otherwise. “I don’t recall the last time we sold any BTC,” the DHI executive explained.

The Kingdom of Bhutan has quietly emerged as one of the more intriguing participants in the global digital asset sector. The nation mines bitcoin, and its entry into the industry began discreetly in early 2019, when BTC traded within a relatively modest range of $3,800 to $5,000. The country partnered with Bitdeer and has since become one of the largest nation-state holders securing BTC.

Enter Arkham Intelligence, a prominent blockchain analytics platform that functions like a digital detective agency for the crypto sector. Before late 2024, the broader public largely relied on rumors and high-level government disclosures suggesting the Kingdom of Bhutan was mining BTC. Outside of the Bhutanese government and Druk Holding and Investments (DHI), few knew which digital wallets held the coins, the scale of the holdings, or how the assets were being managed.

Arkham altered that narrative by effectively deanonymizing Bhutan’s sovereign crypto holdings, at least according to the platform’s data. Shaurya Malwa’s report on Ujjwal Deep Dahal’s statement directly contrasts with the flagged wallets highlighted by Arkham. Over the last year, several cryptocurrency news outlets, including Bitcoin.com News, have reported on Bhutan moving BTC to wallets at times labeled as exchanges and over-the-counter (OTC) desks.

In October 2024, Bhutan held 13,000 BTC, according to Arkham’s flagged wallets. Presently, Arkham data shows the country secures 3,121.22 BTC, currently valued at $243.72 million. The Coindesk report does have commentary from an Arkham analyst. Arkham also told Coindesk its wallet labels are produced by an internal intelligence team using public data, AI, machine learning, and other data science methods, but noted the addresses were not independently verified with Bhutanese officials or related ministries.

Arkham Intelligence’s data isn’t limited to Bhutan; it also identifies wallets linked to groups like the U.S. government, Blackrock, and Strategy, among many others. Besides DHI’s comments about sales, officials have noted that good rainfall this year has been beneficial for powering mining operations using the country’s hydropower system.

The DHI executive’s response didn’t clarify anything, and didn’t say whether the information from Arkham Intelligence – specifically the wallet addresses linked to Bhutan – is correct or not. This means the data could very well be accurate.

Read More

2026-05-16 22:32