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Bhutan denies selling most of its Bitcoin despite blockchain data showing large transfers.

Market News
19 May 2026
Zycrypto
View Source
Neutral
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Bhutan has refuted claims that it sold a significant portion of its Bitcoin holdings after blockchain data showed its wallets dropping from nearly 13,000 BTC to just over 3,100 BTC. The wallets belong to Bhutan's sovereign wealth fund, Druk Holding and Investments (DHI), which insists no recent Bitcoin sales occurred. Analysts speculate the transfers could be sales, custody changes, or collateral moves, with many transactions linked to exchanges like OKX and Galaxy Digital. Bhutan continues to promote its hydro-powered Bitcoin mining operations and plans to use Bitcoin reserves for a major economic project, though the recent wallet activity raises questions about its crypto strategy and reserve levels.

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