Canadian digital asset manager 3iQ Corp. has been appointed to manage a portion of the Bitcoin reserves backing Bhutan's Gelephu Mindfulness City (GMC) project, according to a statement released by the company.

3iQ, Canada's largest and longest-standing digital asset fund manager, will oversee the 10,000 Bitcoins pledged to fund the development of the new administrative region. The Toronto-based firm, known for launching one of North America's first Bitcoin exchange-traded funds, will also invest in local talent and establish a long-term physical presence in Gelephu as the area positions itself as Bhutan's offshore digital financial hub. Gelephu sits near Bhutan's border with India, a location that underpins its ambition to serve as a cross-border gateway for digital finance.

"From the very inception we were aligned with GMC's vision to create a next-generation economic hub that attracts global talent while being committed to Bhutan's cultural values and environmental principles," said Pascal St-Jean, 3iQ's director and CEO, in a statement.

GMC Board Director Jigdrel Singay added: "Beyond their institutional expertise and global track record in digital asset management, what stood out to us was their genuine commitment to investing in people, transferring knowledge and building local capabilities."

Bhutan first announced plans to allocate 10,000 Bitcoins toward the GMC in 2025. The project, initially unveiled in 2023, envisions what the government describes as "a world-class economic hub in southern Bhutan." According to Bhutan's government, the GMC will be "a new economic hub in southern Bhutan designed around mindfulness, sustainability, and innovation," serving as a cornerstone of the country's effort to diversify its economy beyond hydropower and tourism.

Bhutan has been accumulating Bitcoin for several years. The kingdom began quietly mining Bitcoin in 2019, leveraging its abundant hydropower resources, before publicly disclosing its cryptocurrency reserves in 2024. In January 2025, the government announced it would hold additional cryptocurrencies on its balance sheet alongside Bitcoin.

The initiative parallels El Salvador's cryptocurrency ambitions. In 2021, the Central American nation announced plans for "Bitcoin City," a proposed tax-free economic zone designed to attract technology entrepreneurs and high-net-worth individuals, to be financed through Bitcoin-backed tokenized bonds.

The partnership between 3iQ and the GMC was also announced via press release (PR Newswire).