Bhutan ‘doesn’t recall’ selling any bitcoin, disputing widely-followed $1 billion BTC drawdown
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Bhutan, a small Asian country nestled in the Himalayas and the second nation after El Salvador to officially mine and hold bitcoin, has reportedly been selling its stash.
Key facts
- Holdings in the Arkham-tagged wallets have dropped from roughly 13,000 BTC in October 2024 to around 3,100 BTC on Friday, worth $252 million as of Friday evening India time
- In fact, according to data analytics firm Arkham Intelligence's data, the country might have sold $1 billion worth of bitcoin since July 2025
- In December, Bhutan announced a Bitcoin Development Pledge committing up to 10,000 BTC toward the long-term development of Gelephu Mindfulness City, a new economic zone in southern Bhutan
- Wallets attributed to Druk Holding and Investments (DHI), the kingdom of Bhutan’s sovereign wealth fund, have moved approximately $207 million in bitcoin out this year alone to various exchanges
Summary
Blockchain data from Arkham Intelligence suggests Bhutan’s sovereign wealth fund has moved and likely sold about $1 billion in bitcoin since mid-2025, reducing its holdings from roughly 13,000 BTC to about 3,100 BTC. Officials at Druk Holding and Investments deny selling any bitcoin and have not addressed specific wallet movements or confirmed current holdings, despite years of undisputed attribution of these wallets to Bhutan by Arkham. The apparent drawdown in reserves raises questions about Bhutan’s ability to honor its pledge of up to 10,000 BTC for a new economic zone and comes amid signs the country may have scaled back or halted its once-robust, hydropower-fueled bitcoin mining operations. In fact, according to data analytics firm Arkham Intelligence's data, the country might have sold $1 billion worth of bitcoin since July 2025.