Bhutan's Gelephu Mindfulness City Appoints 3iQ to Manage Part of Its Bitcoin Treasury
Key Takeaways
- •Bhutan's Gelephu Mindfulness City has selected Toronto-based 3iQ, one of Canada's largest regulated digital-asset fund managers, to manage an undisclosed portion of its Bitcoin treasury.
- •Bhutan announced plans to allocate up to 10,000 Bitcoin from national holdings to support GMC, with the cryptocurrency generated through government-run mining operations powered by the country's hydroelectric resources.
- •3iQ will establish a long-term operational presence in Gelephu and invest in local talent development through training and knowledge transfer programs.
- •Neither party disclosed the specific amount of Bitcoin under management, custody arrangements, or whether the mandate permits lending, derivatives, or other yield-generation strategies.
- •GMC was established by royal charter in December 2024 and is positioning itself as a digital offshore financial center by offering quick licensing and banking services to attract cryptocurrency firms.
Bhutan's Gelephu Mindfulness City (GMC) has appointed Canadian digital-asset manager 3iQ to manage a mandate backed by a portion of its Bitcoin treasury, marking a significant step in the special administrative region's push to build a digital-asset investment hub.
GMC was established by royal charter announced by Bhutan's King Jigme Khesar Namgyel Wangchuck in December 2024 as a special administrative region designed to attract foreign investment and develop a financial services sector anchored in sustainability and technology.
Under the partnership, 3iQ will manage an undisclosed portion of the Bitcoin allocated to support Gelephu's development. The Toronto-based firm will also establish a long-term operational presence in the city, invest in local talent, and provide training and knowledge transfer to support the region's growing financial sector.
The mandate builds on Bhutan's December 2025 announcement that up to 10,000 Bitcoin from the country's national holdings would be allocated to support the GMC. Bhutan is among a small group of sovereign states that directly mine and hold Bitcoin, with its national holdings generated through government-run mining operations powered by the country's abundant hydroelectric resources.
3iQ, founded in 2012, is one of Canada's largest regulated digital-asset investment fund managers and was behind the launch of what is widely cited as the first Bitcoin ETF in North America, listed on the Toronto Stock Exchange in 2021.
Neither party disclosed the exact amount of Bitcoin placed under management, the custody arrangements, or whether the mandate permits lending, derivatives, or other yield-generation strategies.
3iQ CEO Pascal St-Jean said the firm would bring institutional discipline to the mandate and help put Bhutan's capital to work "responsibly, transparently and for the long term."
Gelephu board director Jigdrel Singay described 3iQ as one of the city's founding institutional partners. The two organizations said further milestones would be announced as Gelephu works to establish itself as a digital offshore financial center focused on innovation, sustainability, and institutional asset management. GMC has also offered quick licensing and banking services to attract cryptocurrency firms to the region.