Bhutan’s government investment arm has denied claims that it has been secretly selling large amounts of Bitcoin, even as blockchain analysts keep tracking big crypto transfers linked to the country.
The controversy started when Arkham Intelligence, a blockchain analytics firm, reported large Bitcoin movements from wallets tied to Druk Holding and Investments (DHI), Bhutan’s sovereign wealth fund. Arkham said these wallets once held nearly 13,000 BTC but now have about 3,100 BTC, worth around $252 million.
The firm suggested Bhutan may have moved or sold nearly $1 billion in Bitcoin since mid-2025 through exchanges and trading firms. However, DHI CEO Ujjwal Deep Dahal denied this, saying he does not recall the government selling any Bitcoin.
Bhutan is now known in the crypto industry for its state-backed Bitcoin mining, which uses hydroelectric power. Arkham says the country has been mining Bitcoin with renewable energy since at least 2019.
Blockchain data showed transfers to addresses linked to firms like Galaxy Digital and OKX, but analysts say it is impossible to prove if these transfers were actual sales.
The debate grew after Bhutan announced plans to invest up to 10,000 BTC in building Gelephu Mindfulness City, a planned economic hub in southern Bhutan. This raised new questions about how much Bitcoin the country still holds and how it will use those reserves.
Despite the speculation, Bhutan is still promoting crypto mining as part of its long-term economic plan, especially because of its strong hydropower resources.
🚨Bhutan Official Speaks Up On Claims of Selling $1 Billion In Bitcoin
Bhutan quietly became one of the world’s most unexpected Bitcoin holders. Now, reports of major $BTC movements are colliding with official statements denying any Bitcoin sales. 👀
Source: CoinGape#Bitcoin… pic.twitter.com/xhGk5R4YMU
— 3.0 TV (3verseTV) (@reallive3tv) May 18, 2026
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