Bhutan's State Investment Arm Disputes Bitcoin Sales and Mining Halt Reports

Bhutan's government is disputing recent claims by blockchain analytics firm Arkham Intelligence that the Himalayan kingdom has been selling off large portions of its Bitcoin holdings and shutting down state-run mining operations ^[1].

Druk Holdings and Investments (DHI) CEO Ujjwal Deep Dahal told CoinDesk he could not recall when Bhutan last sold Bitcoin, though he stopped short of denying that any sales had ever occurred. He also confirmed that mining operations remain active, attributing surplus hydropower capacity to recent heavy rainfall driving full-capacity output at the country's hydroelectric plants ^[1].

Arkham Intelligence had tracked wallet addresses it attributed to Bhutan, concluding that roughly 10,000 BTC had been transferred to addresses linked to Galaxy Digital and OKX since October 2024 - worth over $1 billion. The firm estimated the remaining reserve at approximately 3,121 BTC and projected it could reach zero by October 2025 ^[1].

However, the destination of those transfers remains ambiguous. A source familiar with the receiving platforms suggested the Bitcoin may not have been sold outright, with custody arrangements or loan collateral cited as possible alternative explanations ^[1].

Bhutan has yet to publicly confirm or deny which wallet addresses belong to the state, leaving the discrepancy between on-chain data and official statements unresolved.