Bhutan’s sovereign investment arm, Druk Holding and Investments (DHI), has reportedly invested millions of dollars in cryptocurrencies, including bankrupt firms BlockFi and Celsius, according to a Forbes report. DHI manages around $2.9 billion in assets, but did not disclose the details of its crypto portfolio to the public. However, Celsius filings revealed that DHI withdrew over $65 million and deposited nearly $18 million in crypto.
BlockFi lawyers filed a complaint against DHI in March, alleging that the fund defaulted on its $30 million loan and refused to repay it in full after liquidating 1,888 Bitcoin collateral worth $76.5 million at the time. Nonetheless, DHI CEO Ujjwal Deep Dahal maintained that the issue with BlockFi is confidential and has already been resolved. In 2022, Celsius and BlockFi were two of the most high-profile bankruptcy filings in the crypto industry.