CoinDesk
Bhutan, the Himalayan kingdom that became the second nation after El Salvador to mine and hold bitcoin, appears to have sold roughly $1 billion worth of BTC since mid-2025 according to blockchain data from Arkham Intelligence — but its sovereign wealth fund, Druk Holding and Investments, denies any sales took place. Wallets attributed to DHI have shed about 9,900 BTC, falling from roughly 13,000 BTC in October 2024 to around 3,100 BTC on Friday, worth about $252 million at $79,000 per coin. Some $207 million of that outflow has moved to exchanges and trading firms this year alone, with destinations including wallets previously tied to Galaxy Digital and OKX — venues typically associated with sales rather than internal reshuffles.
Why it matters
DHI CEO Ujjwal Deep Dahal told CoinDesk simply: "I don't recall the last time we sold any BTC." A follow-up asking about the specific Arkham-tracked movements got only "our statement stands and nothing to add beyond it." DHI has not disputed Arkham's long-standing attribution of the wallets, and never objected to that attribution in years of published sales and movements. A source close to one of the trading firms that received bitcoin from Bhutan-tagged wallets also confirmed no recent sales — leaving open the possibility that what looks like selling could be custody transfers, collateral postings, lending arrangements, or OTC deals not structured as spot sales. The confusion, in other words, runs both ways.
Market impact
The discrepancy is not just optics. In December, Bhutan announced a Bitcoin Development Pledge committing up to 10,000 BTC to Gelephu Mindfulness City, a new economic zone in the south of the country — then worth roughly $860 million. At today's price and apparent holdings of around 3,300 BTC, the kingdom does not have 10,000 BTC left to back that commitment. Compounding the question marks, CoinDesk reported in March that Bhutan may have ceased mining altogether, with no significant inflows to known wallets in over a year — unusual for an operation the government says is still active, powered by the country's abundant hydropower.
Frequently asked questions
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How much bitcoin has Bhutan reportedly sold?
Arkham Intelligence data shows wallets attributed to Bhutan's Druk Holding and Investments have shed roughly 9,900 BTC since mid-2025, around $1 billion at the prices those outflows occurred at. Holdings fell from about 13,000 BTC in October 2024 to roughly 3,100 BTC on Friday.
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Why does Bhutan's sovereign wealth fund deny the sales?
DHI CEO Ujjwal Deep Dahal told CoinDesk he does not recall the last time the fund sold any BTC. A follow-up about specific Arkham-tracked wallet movements was answered with "our statement stands and nothing to add beyond it," with no dispute of the wallet attribution itself.
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What is Bhutan's 10,000 BTC Gelephu Mindfulness City pledge?
In December, Bhutan announced a Bitcoin Development Pledge committing up to 10,000 BTC toward Gelephu Mindfulness City, a new economic zone in southern Bhutan. That commitment was worth roughly $860 million at announcement; with apparent holdings near 3,300 BTC today, the kingdom does not have 10,000 BTC left to honor…
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Has Bhutan stopped mining bitcoin?
CoinDesk reported in March that Bhutan may have ceased mining operations entirely, with no significant inflows to known wallets in over a year. DHI has not directly addressed the halt, though Dahal said rainfall has kept hydropower plants at strong capacity and mining operations active.
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Where did the bitcoin from Bhutan's wallets go?
Outflows have moved to centralized exchanges, OTC trading firms, and wallets previously tied to Galaxy Digital and OKX — destinations typically associated with sales rather than internal reshuffling, per Arkham's analyst. A source close to one receiving firm said no recent sales occurred, leaving room for custody,…
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