Bhutan Sovereign Investment Fund Secretly Held Millions of Dollars in Cryptocurrency
"The Himalayan kingdom has quietly been dumping millions of dollars into bitcoin and other cryptocurrencies."
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.