Bhutan denies bitcoin sales amid $1B wallet transfers

Bhutan denies selling bitcoin despite over $1B moved from its wallets, per Arkham Intelligence. This raises concerns about the true management of its reserves.

Data from Arkham Intelligence reveals that Bhutan's bitcoin reserves, managed by Druk Holding and Investments (DHI), have sharply declined from approximately 13,000 BTC to 3,100 BTC since October 2024. Over a billion dollars have been transferred to exchanges and trading platforms since July 2025. Despite these substantial outflows, DHI asserts it has not sold any bitcoin. The company refrains from commenting on specific transactions and does not dispute the attribution of the wallets to the state. This gap between blockchain transparency and official statements adds to the mystery surrounding Bhutan’s digital asset management. It also raises concerns about the country’s ability to fulfill commitments, such as providing up to 10,000 BTC for an economic zone project. Notably, the addresses in question have interacted with Galaxy Digital and OKX, moving over $200 million in 2026 alone.