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Bhutan denies selling Bitcoin despite blockchain data showing a sharp drop in holdings since 2024

Market News
16 May 2026
Bitcoin
View Source
Neutral
pluang ai news

Blockchain analytics firm Arkham Intelligence reported that Bhutan's Bitcoin holdings dropped from 13,000 BTC in October 2024 to about 3,121 BTC today. However, Bhutan's state investment arm Druk Holding and Investments (DHI) CEO Ujjwal Deep Dahal stated he does not recall any Bitcoin sales this year. Arkham's data is based on AI-labeled wallets, but these have not been officially verified by Bhutanese authorities. The discrepancy raises questions about the accuracy of onchain tracking versus official statements, while Bhutan continues to mine Bitcoin powered by hydropower. This situation highlights challenges in verifying sovereign crypto asset movements and may impact investor trust in blockchain data analytics.

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