Canadian digital asset manager 3iQ Corp. will manage 10,000 Bitcoin pledged to build Bhutan's Gelephu Mindfulness City (GMC), a special administrative region focused on mindfulness, sustainability, and innovation. The deal, announced this week, marks one of the first times a sovereign-linked crypto reserve has been handed to an external manager.
What 3iQ will do
3iQ will oversee the Bitcoin reserves and also invest in local talent, establishing a long-term physical presence in Gelephu. The firm didn't disclose the exact fee structure or duration of the mandate, but the arrangement is expected to run for several years as the city develops.
Bhutan's crypto journey
Bhutan has been mining Bitcoin since 2019 and publicly disclosed its digital asset holdings in 2024. In January 2025, the government said it would also hold other cryptocurrencies on its balance sheet. The move to bring in 3iQ suggests Bhutan is professionalizing its crypto treasury management.
Gelephu Mindfulness City
First announced in 2023, GMC is designed as a world-class economic hub in southern Bhutan. The city's plan leans heavily on digital assets: the 10,000 Bitcoin pledge is meant to fund infrastructure and attract tech-forward businesses. The concept draws clear inspiration from El Salvador's 'Bitcoin City' — a tax-free zone funded via Bitcoin-backed tokenized bonds.
Unlike El Salvador's model, which faced regulatory and adoption hurdles, Bhutan is starting with a smaller, more controlled experiment. The country's existing Bitcoin mining operations give it a head start in building a crypto-friendly ecosystem.
3iQ's next steps include scouting a physical office in Gelephu and beginning the transfer of the 10,000 Bitcoin into managed accounts. No timeline has been set for when the city will break ground.
