The tiny Himalayan nation of Bhutan allegedly has been selling its bitcoin holdings. It is the second government in the world to formally mine and hold bitcoin, after El Salvador. The nation may have sold bitcoins worth $1 billion since July 2025, according to data analytics company Arkham Intelligence.
It has come to light via Arkham’s data that the sovereign wealth fund of Bhutan, Druk Holding and Investments (DHI), has transferred almost $207 million worth of bitcoin to several trading businesses and exchanges so far this year.
Arkham Data Fuels Strong Speculation
As of Friday evening, India time, the value of the holdings in the Arkham-tagged wallets was $252 million, down from about 13,000 BTC in October 2024, to around 3,100 BTC on Friday. The outflows have picked up speed in 2026, and according to Arkham, Bhutan is expected to sell all of its remaining bitcoin by October if the present rate of sale continues.
However, representatives from the nation’s investment section deny selling any bitcoin. “I don’t recall the last time we sold any BTC,” DHI CEO Ujjwal Deep Dahal told a leading publication via email. When queried about the recorded wallet movements by Arkham, a different division responded simply and said, “our statement stands and nothing to add beyond it.”
DHI refrained from commenting on the particular wallet transactions, from disputing Arkham’s attribution of those accounts, and from confirming Bhutan’s current bitcoin holdings. If the sales hadn’t happened, it didn’t say if the kingdom still possessed around 13,000 BTC.
Arkham has been following these wallets as belonging to DHI for quite some time now, and the Bhutanese government has never disputed their ownership in any public sales or movements. According to Arkham, the government of the nation has been actively supporting at least four known mining facilities in the country since 2019, making it an active Bitcoin miner.