The Himalayan kingdom has quietly been dumping millions of dollars into bitcoin and other cryptocurrencies. Its investments, which have never been publicly disclosed, were revealed in the bankruptcy filings of lenders BlockFi and Celsius.
,” made scores of trades between April and June 2022 — depositing, withdrawing and borrowing bitcoin, ether, tether and a handful of other cryptocurrencies. In the three months shown in the Celsius filing, Druk withdrew more than $65 million and deposited nearly $18 million in digital assets.
Druk declined to comment on where these funds originated and how they were used. As Celsius’ lawyers haveto seek “clawbacks” of deposits made within 90 days of its bankruptcy, it’s possible that Druk’s holdings could trigger further legal action.Druk’s investment of tens of millions of dollars in crypto would mark a strange move for a holding company meant to promote domestic ventures. If it is indeed a sovereign wealth fund, it would appear to be the first to directly own crypto.
Wealth managers have speculated for several years that government-backed funds are beginning to buy up cryptocurrency. For now the only known links emerge when these funds buy stakes in companies that own crypto, says Duncan Bonfield, chief executive of the International Forum of Sovereign Wealth Funds.
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