Bhutan Taps 3iQ Corp to Oversee Its Strategic Bitcoin Reserves

In the latest development around Bitcoin, Gelephu Mindfulness City (GMC)—Bhutan’s southern special administrative zone—has appointed Toronto-based 3iQ Corp. as the first institutional manager for part of its Bitcoin holdings. This move formalizes what had previously been a government-led accumulation strategy into a structured mandate with a named asset manager.

The announcement, released on July 30, 2026, represents the first tangible step toward deploying these assets since Bhutan revealed in December 2025 that up to 10,000 BTC from its national reserves would be allocated to support GMC’s long-term development plans.

Under the mandate, 3iQ is granted discretionary authority over a specified portion of GMC’s Bitcoin treasury. However, key operational details—including the exact BTC allocation, custody setup, approved investment strategies, and fee arrangements—were not disclosed.

Such a lack of transparency stands out for a mandate tied to sovereign-backed reserves, as market participants would typically expect more comprehensive disclosures in an institutional announcement of this magnitude.

Bitcoin News: Scope of the Mandate
According to the announcement, 3iQ’s responsibilities go beyond traditional asset management. The firm has also committed to fostering local talent, facilitating knowledge transfer, and establishing a permanent presence in Gelephu. This positions 3iQ as a foundational institutional partner in developing GMC into what officials describe as “Bhutan’s new digital offshore financial hub.”

3iQ CEO Pascal St-Jean stated that the firm aims to deploy Bhutan’s capital in a manner that is responsible, transparent, and focused on long-term value creation.

Jigdrel Singay, a board director at GMC, highlighted that 3iQ’s commitment to building local expertise played a key role in its selection, alongside its experience in digital asset management. This suggests that GMC prioritized capability-building in addition to performance track record.

The decision to appoint 3iQ reflects a broader strategy of combining national capital with external institutional expertise, rather than relying solely on internal management of reserves.

3iQ operates as a subsidiary of Coincheck Group N.V., a Netherlands-based holding company listed on NASDAQ. Founded in Toronto in 2012, the firm established itself as Canada’s first regulated digital asset fund manager and was among the pioneers in launching Bitcoin and Ethereum exchange-traded products on major global exchanges. The Gelephu mandate marks a notable expansion into sovereign and quasi-sovereign asset management.

Bhutan’s Bitcoin Holdings and GMC Development
Bhutan’s Bitcoin reserves were largely built through hydropower-driven mining operations and are overseen by Druk Holding and Investments (DHI), the country’s sovereign investment arm.

Data from Arkham Intelligence indicates that Bhutan’s holdings have declined significantly over the past two years—from approximately 13,390 BTC in October 2024 to around 5,600 BTC by mid-2026. More than $237 million has reportedly been transferred out of reserve wallets since January, likely to finance domestic infrastructure projects, including the development of GMC.

The partnership with 3iQ represents what officials describe as the “next phase” in deploying Bitcoin allocated to Gelephu. It signals that a portion of these assets will be retained and professionally managed, rather than liquidated.

This shift is significant: Bhutan appears to be balancing partial asset sales with a move toward structured, institutional portfolio management—transitioning from simple accumulation to active capital deployment.

Meanwhile, GMC has been building a regulatory framework to attract global financial firms. Reports suggest the zone has introduced expedited licensing for companies already regulated in jurisdictions such as Singapore, Hong Kong, and Abu Dhabi. It also offers zero corporate tax in select sectors and provides banking access through DK Bank.

The appointment of 3iQ is positioned as the first in a series of milestones as GMC advances its ambition to become a competitive offshore digital financial hub. This places the project alongside established global centers, while distinguishing itself through a sovereign Bitcoin-mining foundation as its capital base.

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