DHI CEO Says Bhutan Has No Recollection of Selling BTC Despite Balance Drop Flagged by Arkham

Arkham Tracks Bhutan BTC Falling From 13K, While Druk Holding and Investments Boss Does Not ‘Recall’ the Last Time the Country Sold Any BTC

According to a report published by Coindesk’s Shaurya Malwa, Druk Holding and Investments (DHI) CEO Ujjwal Deep Dahal told the publication by email that he does not recall selling bitcoin this year, despite widespread reporting suggesting otherwise. “I don’t recall the last time we sold any BTC,” the DHI executive explained.

The Kingdom of Bhutan has quietly emerged as one of the more intriguing participants in the global digital asset sector. The nation mines bitcoin, and its entry into the industry began discreetly in early 2019, when BTC traded within a relatively modest range of $3,800 to $5,000. The country partnered with Bitdeer and has since become one of the largest nation-state holders securing BTC.

Enter Arkham Intelligence, a prominent blockchain analytics platform that functions like a digital detective agency for the crypto sector. Before late 2024, the broader public largely relied on rumors and high-level government disclosures suggesting the Kingdom of Bhutan was mining BTC. Outside of the Bhutanese government and Druk Holding and Investments (DHI), few knew which digital wallets held the coins, the scale of the holdings, or how the assets were being managed.

Arkham altered that narrative by effectively deanonymizing Bhutan’s sovereign crypto holdings, at least according to the platform’s data. Shaurya Malwa’s report on Ujjwal Deep Dahal’s statement directly contrasts with the flagged wallets highlighted by Arkham. Over the last year, several cryptocurrency news outlets, including Bitcoin.com News, have reported on Bhutan moving BTC to wallets at times labeled as exchanges and over-the-counter (OTC) desks.

In October 2024, Bhutan held 13,000 BTC, according to Arkham’s flagged wallets. Presently, Arkham data shows the country secures 3,121.22 BTC, currently valued at $243.72 million. The Coindesk report does have commentary from an Arkham analyst. Arkham also told Coindesk its wallet labels are produced by an internal intelligence team using public data, AI, machine learning, and other data science methods, but noted the addresses were not independently verified with Bhutanese officials or related ministries.

Arkham Intelligence’s data extends far beyond Bhutan, as the platform has notably flagged wallet addresses tied to entities such as the U.S. government, Blackrock, Strategy, and numerous other organizations and individuals. In addition to DHI’s statement regarding sales activity, Dahal told the newsdesk the country experienced a “fortunate” year in terms of rainfall, which helps power the mining operations through hydropower infrastructure.

The statement from the DHI executive remains vague and neither confirms nor denies the activity, leaving open the possibility that Arkham Intelligence’s data and the tracked wallet addresses tied to Bhutan may be entirely accurate.