Reported by forbes, Bhutan's $2.9 billion sovereign investment arm, Druk Holding & Investments, has been revealed to have invested millions of dollars into cryptocurrencies, including Bitcoin and Ether. The investments were discovered in court documents related to the bankruptcy of crypto lenders BlockFi and Celsius, both of which Druk was a customer of.
The investments are unusual for a holding company intended to promote domestic ventures and, if Druk is indeed a sovereign wealth fund, it would appear to be the first to directly own crypto.
Druk Holding & Investments was established in 2007 to manage a portfolio of domestic assets for "the long-term benefit of its shareholders, the people of Bhutan." Although Druk's employees and partners have described it as a sovereign wealth fund, it operates more like a state-owned enterprise. It oversees 21 domestic companies, including a local cheesemaker, several hydropower plants, and Royal Bhutan Airlines.
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