Bhutan's sovereign wealth fund Druk has secretly poured tens of millions into cryptocurrencies over the past year

Bhutan’s $2.9 billion sovereign wealth fund Druk Holding & Investments is a client of bankrupt crypto lenders BlockFi and Celsius, according to court documents reviewed by Forbes, but it has never disclosed publicly. Between April and June 2022, Druk withdrew more than $65 million and deposited nearly $18 million in digital assets, the Celsius documents show. In March 2023, BlockFi accused the fund of defaulting on a $30 million loan. The statement states that in February 2022, Druk agreed to borrow $30 million in the U.S. dollar stablecoin Coin. However, BlockFi claims that Druk “failed and refused” to repay the loan in full, leaving an outstanding balance of $820,000 even after the lender liquidated the collateral of 1,888 BTC ($76.5 million at the time of the loan). Druk Holding & Investments, named after Bhutan's national symbol, the mythical brontosaurus, manages a portfolio of indigenous assets. From at least 2022, Druk is also cultivating a secret portfolio of crypto assets.