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Bhutanese government’s investment arm invested millions in crypto


Druk Holding and Investments (DHI), a commercial entity of the Bhutanese government, has reportedly invested millions of dollars in cryptocurrencies through its sovereign investment arm, which manages approximately $2.9 billion in assets. The investment was not publicly disclosed but came to light after Celsius and BlockFi, two bankrupt crypto firms, filed for bankruptcy in 2022.

According to the filings, the DHI withdrew over $65 million from Celsius and deposited almost $18 million in crypto. BlockFi filed a complaint against the DHI for defaulting on a $30 million loan and refusing to repay it in full after liquidating 1,888 BTC collateral worth $76.5 million. However, the DHI’s CEO stated that the issue has been resolved and is confidential.

Celsius and BlockFi are two prominent bankruptcy cases in the crypto industry in 2022.

source: https://cointelegraph.com/news/bhutan-s-sovereign-investment-arm-quietly-invests-millions-in-crypto-report

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