In a fresh Bitcoin-related development, Gelephu Mindfulness City (GMC)—Bhutan’s southern special administrative region—has appointed Toronto-based 3iQ Corp. as the first institutional manager for part of its Bitcoin reserves. The move converts what was previously a government-led accumulation strategy into a formal mandate handled by an external asset manager.
Announced on July 30, 2026, the decision marks the first concrete step toward deploying these holdings since Bhutan stated in December 2025 that up to 10,000 BTC would be allocated to support GMC’s long-term growth.
3iQ has been given discretionary control over a portion of the Bitcoin treasury, although key specifics—such as the size of the allocation, custody structure, investment approach, and fees—remain undisclosed. This lack of detail is unusual for a mandate tied to sovereign-backed assets, where greater transparency is typically expected.
Bitcoin News: Scope of the Mandate
The firm’s role extends beyond standard portfolio management. 3iQ has pledged to support local talent development, transfer expertise, and establish a permanent presence in Gelephu, positioning itself as a core partner in building GMC into what officials describe as a digital offshore financial hub.
CEO Pascal St-Jean emphasized that the firm intends to manage Bhutan’s capital responsibly, with a focus on transparency and long-term outcomes.
GMC board director Jigdrel Singay noted that 3iQ’s commitment to developing local capabilities was a key factor in its selection, alongside its experience in digital asset markets. The appointment reflects a broader strategy of combining sovereign capital with external institutional expertise rather than relying solely on in-house management.
3iQ, a subsidiary of Coincheck Group N.V., is a Netherlands-based, NASDAQ-listed firm. Founded in Toronto in 2012, it gained recognition as Canada’s first regulated digital asset fund manager and an early issuer of Bitcoin and Ethereum exchange-traded products. The GMC mandate represents its expansion into managing sovereign-linked assets.
Bhutan’s Bitcoin Strategy and GMC Development
Bhutan accumulated its Bitcoin reserves mainly through hydropower-powered mining, managed by its sovereign investment arm, Druk Holding and Investments (DHI).
Data from Arkham Intelligence shows holdings have declined from around 13,390 BTC in October 2024 to roughly 5,600 BTC by mid-2026. Over $237 million has been moved from reserve wallets this year, likely to fund domestic infrastructure, including GMC.
The partnership with 3iQ signals a shift in strategy: while Bhutan has sold part of its holdings, it is now placing a portion under professional management instead of liquidating it entirely. This indicates a transition from simple accumulation to more active portfolio deployment.
At the same time, GMC is building a regulatory and financial framework to attract global firms. The zone reportedly offers fast-track licensing for companies already regulated in key financial centers, zero corporate tax in selected sectors, and banking access via DK Bank.
The 3iQ appointment is described as the first of several upcoming milestones as GMC aims to position itself as a competitive digital offshore financial hub—leveraging its unique foundation of sovereign-backed Bitcoin reserves.
