{"id":77321,"date":"2023-04-17T12:44:00","date_gmt":"2023-04-17T09:44:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=77321"},"modified":"2025-09-10T22:38:57","modified_gmt":"2025-09-10T19:38:57","slug":"kingdom-of-bhutan-allocated-part-of-its-reserves-to-buy-cryptocurrency","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/kingdom-of-bhutan-allocated-part-of-its-reserves-to-buy-cryptocurrency\/","title":{"rendered":"Kingdom of Bhutan Allocated Part of Its Reserves to Buy Cryptocurrency"},"content":{"rendered":"

Bhutan’s sovereign investment fund Druk Holding & Investments, with assets of $2.9 billion, was a client of the bankrupt BlockFi<\/a> and Celsius<\/a>. This follows from court documents, writes Forbes<\/a>.<\/p>\n

The company did not disclose its investments in Bitcoin, Ethereum, USDT and other digital assets.<\/p>\n

Journalists noted that confirmation of Druk Holding & Investments as a sovereign fund would mark the first public investments in cryptocurrencies by such structures.<\/p>\n

Forbes noted that Singapore’s Temasek denied investments in digital assets. The Norwegian sovereign fund in 2020 indirectly owned 600 BTC through a stake in MicroStrategy.<\/p>\n

Druk Holding & Investments was established in 2007 on the basis of a charter of King Jigme Khesar Namgyel Wangchuck to safeguard the country’s wealth “in the long term for the benefit of its shareholders, the Bhutanese people”.<\/p>\n

The firm is the controlling shareholder of 21 local companies, including Royal Butan Airlines, whose fleet consists of five aircraft.<\/p>\n

On 14,000 pages of court-ordered Celsius user data, the fund was named as one of the institutional clients. Records from April to June 2022 showed that the fund withdrew $65 million and deposited $18 million.<\/p>\n

Forbes did not rule out that Druk Holding & Investments could become a defendant in the platform’s lawsuit, as the latter’s lawyers said they intended to seek the return of deposits made within 90 days of the bankruptcy.<\/p>\n

In March 2023, BlockFi’s lawyers accused the firm of failing to fulfill obligations to repay a $30 million loan in USDC. According to the suit, the fund refused to fulfill the obligations even after liquidation of collateral amounting to 1,888 BTC (about $76.5 million at the time of the deal’s initiation), leaving an unpaid balance of $820,000.<\/p>\n

A spokesperson for Druk Holding & Investments told the publication that the claims were being settled and declined to comment further.<\/p>\n

In 2021, Bhutan’s Royal Monetary Authority entered into a partnership<\/a> with fintech company Ripple to conduct pilot testing CBDC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bhutan’s sovereign investment fund Druk Holding & Investments, with assets of $2.9 billion, was a client of the bankrupt BlockFi and Celsius. This follows from court documents, Forbes reports.<\/p>\n","protected":false},"author":1,"featured_media":77322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1436,1348,1156],"class_list":["post-77321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockfi","tag-celsius-network","tag-institutional-investors-and-whales"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=77321"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77321\/revisions"}],"predecessor-version":[{"id":77323,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77321\/revisions\/77323"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/77322"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=77321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=77321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=77321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}