The Kingdom of Bhutan’s sovereign investment arm, estimated to manage around $2.9 billion in assets, has placed millions of dollars in cryptocurrencies and was a customer of bankrupt crypto firms BlockFi and Celsius.
Druk Holding and Investments (DHI), a commercial arm of the royal government of Bhutan, has grown a crypto portfolio without disclosing it to the public, according to a report released by Forbes. The funds were brought to light following the crypto contagion in 2022 when companies like Celsius and BlockFi filed for bankruptcy.
According to the report, a Celsius filing showed that DHI withdrew over $65 million and deposited almost $18 million in crypto. BlockFi lawyers filed a complaint against DHI to reclaim outstanding assets, alleging that the fund defaulted on its $30 million loan in March.
BlockFi claimed that DHI refused to repay the loan in full after liquidating the 1,888 Bitcoin collateral,worth $76.5 million at the time. On the other hand, DHI CEO Ujjwal Deep Dahal said in a Forbes statement that the issue is confidential and highlighted that the “matter with BlockFi has been settled.“