{"id":72615,"date":"2026-05-16T19:41:41","date_gmt":"2026-05-16T19:41:41","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/dhi-ceo-says-bhutan-has-no-recollection-of-selling-btc-despite-balance-drop-flagged-by-arkham\/"},"modified":"2026-05-16T19:41:41","modified_gmt":"2026-05-16T19:41:41","slug":"dhi-ceo-says-bhutan-has-no-recollection-of-selling-btc-despite-balance-drop-flagged-by-arkham","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/dhi-ceo-says-bhutan-has-no-recollection-of-selling-btc-despite-balance-drop-flagged-by-arkham\/","title":{"rendered":"DHI CEO Says Bhutan Has No Recollection of Selling BTC Despite Balance Drop Flagged by Arkham"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Arkham tracked Bhutan\u2019s BTC holdings falling from 13,000 BTC in Oct. 2024 to today\u2019s reported 3,121 BTC.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">DHI CEO Ujjwal Deep Dahal said in 2026 he does not \u201crecall\u201d Bhutan selling BTC.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Arkham told Coindesk its AI-labeled wallets tied to Bhutan remain unverified by officials.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Arkham Tracks Bhutan <span>BTC<\/span> Falling From 13K, While Druk Holding and Investments Boss Does Not \u2018Recall\u2019 the Last Time the Country Sold Any <span>BTC<\/span><\/h2>\n<p>According to a <a href=\"https:\/\/www.coindesk.com\/markets\/2026\/05\/16\/bhutan-doesn-t-recall-selling-any-bitcoin-disputing-widely-tracked-usd1-billion-btc-drawdown\" target=\"_blank\" rel=\"noopener noreferrer\">report<\/a> published by Coindesk\u2019s Shaurya Malwa, Druk Holding and Investments (DHI) CEO Ujjwal Deep Dahal told the publication by email that he does not recall selling <span>bitcoin<\/span> this year, despite widespread reporting suggesting otherwise. \u201cI don\u2019t recall the last time we sold any <span>BTC<\/span>,\u201d the DHI executive explained.<\/p>\n<p>The Kingdom of <a href=\"https:\/\/news.bitcoin.com\/bhutan-state-bitcoin-wallet-drops-to-3954-btc-after-latest-sale\/\">Bhutan<\/a> has quietly emerged as one of the more intriguing participants in the global digital asset sector. The nation mines <span>bitcoin<\/span>, and its entry into the industry began discreetly in early 2019, when <span>BTC<\/span> 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 <span>BTC<\/span>.<\/p>\n<p>Enter Arkham Intelligence, a prominent <span>blockchain<\/span> analytics platform that functions like a digital detective agency for the <span>crypto<\/span> sector. Before late 2024, the broader public largely relied on rumors and high-level government disclosures suggesting the Kingdom of Bhutan was mining <span>BTC<\/span>. 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.<\/p>\n<p>Arkham altered that narrative by effectively deanonymizing Bhutan\u2019s sovereign <span>crypto<\/span> holdings, at least according to the platform\u2019s data. Shaurya Malwa\u2019s report on Ujjwal Deep Dahal\u2019s statement directly contrasts with the flagged wallets highlighted by Arkham. Over the last year, several <span>cryptocurrency<\/span> news outlets, including <span>Bitcoin.com<\/span> News, have reported on Bhutan moving <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">BTC<\/a> to wallets at times labeled as exchanges and <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-bitcoin-otc-trading\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">over-the-counter<\/a> (OTC) desks.<\/p>\n<p>In October 2024, Bhutan held 13,000 <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">BTC<\/a>, according to Arkham\u2019s flagged wallets. Presently, <a href=\"https:\/\/intel.arkm.com\/explorer\/entity\/druk-holding-investments\" target=\"_blank\" rel=\"noopener noreferrer\">Arkham data<\/a> shows the country secures 3,121.22 <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">BTC<\/a>, 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.<\/p>\n<p>Arkham Intelligence\u2019s 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\u2019s statement regarding sales activity, Dahal told the newsdesk the country experienced a \u201cfortunate\u201d year in terms of rainfall, which helps power the mining operations through hydropower infrastructure.<\/p>\n<p>The statement from the DHI executive remains vague and neither confirms nor denies the activity, leaving open the possibility that Arkham Intelligence\u2019s data and the tracked wallet addresses tied to Bhutan may be entirely accurate.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/dhi-ceo-says-bhutan-has-no-recollection-of-selling-btc-despite-balance-drop-flagged-by-arkham\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Arkham tracked Bhutan\u2019s BTC holdings falling from 13,000 BTC in Oct. 2024 to today\u2019s reported 3,121 BTC. DHI CEO Ujjwal Deep Dahal said in 2026 he does not \u201crecall\u201d Bhutan selling BTC. Arkham told Coindesk its AI-labeled wallets tied to Bhutan remain unverified by officials. Arkham [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":72616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/72615"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=72615"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/72615\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/72616"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=72615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=72615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=72615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}