Bhutan, the second country after El Salvador to officially mine and hold bitcoin, is at the center of a data contradiction. Its sovereign wealth fund Druk Holding and Investments (DHI) flatly denies selling any bitcoin, yet on-chain analytics by Arkham Intelligence indicates wallets linked to DHI have shed roughly 10,000 BTC since October 2024 — from 13,000 to around 3,100 BTC.
DHI CEO: 'I don't recall selling BTC'
CEO Ujjwal Deep Dahal told CoinDesk via email: "I don't recall the last time we sold any BTC." When pressed on Arkham's wallet movements, DHI replied only that "our statement stands and nothing to add beyond it." The fund neither disputed the attribution nor confirmed the current balance or the previous 13,000 BTC figure.
Arkham tracks $207M outflow to exchanges
According to Arkham, addresses tagged as DHI's have moved about $207 million in bitcoin to exchanges and OTC desks this year alone. Holdings fell from 13,000 BTC in October 2024 to roughly 3,100 BTC on July 17, 2026, worth about $252 million. An Arkham analyst said sending assets to exchanges "typically indicates selling activity," though order books remain off-chain. At the current pace, Arkham estimates Bhutan could empty its remaining BTC by October 2026.
No prior dispute on wallet labels
Arkham has labeled these addresses as DHI's for years, with no previous objection from Bhutan over reported sales or transfers. Bhutan has been an active miner since at least 2019, funding at least four known mining sites. However, Arkham's wallet tags were identified using public data and AI/ML analysis, not independently confirmed with the government. The standoff between Bhutan's denial and on-chain evidence remains unresolved. DHI's cagey answers neither confirm nor refute the sales, but the persistent outflows tell a different story.