Druk Holdings, the investment company of the Royal Executive of Bhutan, is actively procuring and selling ETH. Wallets doubtlessly linked to the keeping are building a ample ETH leveraged set.
Wallets identified as seemingly belonging to Druk Holdings private started building a leveraged set on ETH. Analysts eminent Bhutan-connected addresses withdrew 42K ETH from Binance, along with $54M USDT.
The wallets then sold more ETH and deposited it on Aave, borrowing more USDT. The mortgage turned into once mature to accomplish more ETH. The address is tagged as a whale pockets, seemingly linked to Druk Holdings. Arkham tracked the entity twice, with one pockets no longer tagged as belonging to the Royal Executive of Bhutan.
In total, the wallets constructed a 117K ETH set, reckoning on the sure performance of the asset. Lending ETH to borrow more stablecoins has been mature for more exposure right thru the bull market, however would possibly possibly seemingly seemingly also present some wallets to liquidations in a downturn.
Druk Holdings expands ETH exposure
ETH turned into once a quite small keeping within the portfolio of the Royal Executive of Bhutan. The Executive’s identified wallets retain a minimal last balance of 17.695 ETH. Except lately, most ETH has been sitting lazy in Bhutan’s wallets.
The Royal Executive of Bhutan held 3,000 ETH within the summertime of 2025, later divesting the holdings. Some of the most ETH before every part held idly turned into once staked in loads of deposits. The Royal Executive of Bhutan also accelerated its acquisition of ETH from September 2025 onward.
The Druk Holdings entity has already accumulated a small portfolio valued at over $458K, with most within the originate of AESTHWETH, a originate of wrapped ETH on Aave. In total, the entity’s pockets made 35 transactions to Aave, engaging $735M over time. The entity also holds $275.6M on Lido.
The entity funded its wallets over the weekend and expanded the leveraged set on Monday. If the pockets is proven to belong to Druk Holdings, this is able to be one amongst the major leveraged positions on ETH taken by a hiss entity. In total, the entity’s pockets made 35 transactions to Aave, engaging $735M over time.
In late 2025, Bhutan also launched an Ethereum-primarily primarily primarily based nationwide identity design, inviting Vitalik Buterin to begin the project.
Bhutan is more involving with its ETH treasuries
The flagged entity has major wrapped ETH activity on Aave and Lido. In disagreement to the BTC treasury, ETH holdings allow for passive profits and capability passive profits.
Within the past months, Bhutan’s identified wallets moved each and each ETH and BTC, for the time being keeping spherical $556M, down from over $1B. Some of the most BTC turned into once moved to fresh addresses over time for security applications.
The ETH holdings private no longer been sold on the begin market; as a replacement, they’re making exercise of the existing DeFi ecosystem. At the present ETH mark vary above $3,200, many of the positions on Aave are liquidatable at spherical $1,400 per ETH.
