Bhutan Sovereign Investment Fund Secretly Held Millions of Dollars in Cryptocurrency

According to court documents reviewed by Forbes, Bhutan’s $2.9 billion sovereign investment arm Druk Holding & Investments was a customer of bankrupt crypto lenders BlockFi and Celsius, which it has never publicly disclosed.”In the three months shown in the Celsius filing, Druk withdrew more than $65 million and deposited nearly $18 million in digital assets.”Recently filed claim by BlockFi alleged that Druk “failed and refused” to repay a 30 million USD Coin loan in full, even after the lender liquidated a collateral of 1,888 bitcoin (worth $76.5 million at the time of the loan), leaving an unpaid balance of $820,000. According to Druk’s CEO, “the matter with BlockFi has been settled.””Druk declined to comment on where these funds originated and how they were used.”If Druk Holding & Investments is indeed a sovereign wealth fund, it would appear to be the first to directly own crypto.

Forbes Article

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