Bhutan Names 3iQ Corp to Lead Oversight of Its Bitcoin Reserve Assets

In a fresh Bitcoin-related move, Gelephu Mindfulness City (GMC)—Bhutan’s southern special administrative region—has selected Toronto-based 3iQ Corp. as the first institutional manager for a slice of its Bitcoin reserves. The decision converts a previously state-driven accumulation strategy into a formalized mandate handled by an external asset manager.

Dated July 30, 2026, the announcement marks the first meaningful step toward deploying these holdings since Bhutan said in December 2025 that up to 10,000 BTC would be earmarked from its national reserves to support GMC’s long-term development.

The mandate gives 3iQ discretionary control over a defined portion of the Bitcoin treasury, although key details—such as the exact allocation, custody framework, investment approach, and fee structure—have not been disclosed. For a sovereign-linked mandate, this level of opacity stands out, as markets typically expect more detailed disclosures.

Bitcoin News: Scope of the Mandate
3iQ’s responsibilities extend beyond conventional asset management. The firm has committed to developing local talent, transferring expertise, and establishing a permanent office in Gelephu, positioning itself as a foundational institutional partner in GMC’s ambition to become a digital offshore financial hub.

CEO Pascal St-Jean said the firm intends to deploy Bhutan’s capital responsibly, with an emphasis on transparency and long-term value.

GMC board director Jigdrel Singay noted that 3iQ’s focus on building local capabilities helped set it apart during the selection process, alongside its track record in digital assets. The move reflects a broader strategy of pairing sovereign capital with external institutional expertise rather than relying entirely on in-house management.

3iQ is part of Coincheck Group N.V., a Netherlands-based company listed on NASDAQ. Founded in Toronto in 2012, the firm became Canada’s first regulated digital asset fund manager and was among the earliest to launch Bitcoin and Ethereum exchange-traded products on major global exchanges. The GMC mandate represents its expansion into sovereign and quasi-sovereign asset management.

Bhutan’s Bitcoin Strategy and GMC Development
Bhutan built its Bitcoin reserves primarily through hydropower-backed mining, managed by its sovereign investment arm, Druk Holding and Investments (DHI).

Data from Arkham Intelligence shows the country’s holdings have fallen from around 13,390 BTC in October 2024 to roughly 5,600 BTC by mid-2026. More than $237 million has been moved out of reserve wallets this year, likely to fund domestic infrastructure projects, including GMC.

The partnership with 3iQ represents what officials describe as the next phase in deploying the Bitcoin allocated to Gelephu, indicating that a portion of the reserves will be retained and professionally managed rather than entirely liquidated.

This signals a strategic shift: Bhutan appears to be balancing partial sales with institutional portfolio management, moving away from simple accumulation toward more active capital deployment.

At the same time, GMC is building a regulatory framework to attract international firms. Reports suggest the zone offers fast-track licensing for companies already regulated in major financial centers, zero corporate tax in select sectors, and banking access through DK Bank.

The 3iQ appointment is positioned as the first of several milestones as GMC seeks to establish itself as a competitive offshore digital financial hub—distinguished by its sovereign Bitcoin-mining base as a source of capital.