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.