3iQ Corp, a Toronto-based digital asset manager, has been tapped to manage a portion of Bhutan's Bitcoin reserves earmarked for the Gelephu Mindfulness City (GMC). The July 30 announcement makes 3iQ the first institutional manager for the Himalayan kingdom's sovereign crypto holdings, signaling a shift from passive accumulation to active portfolio deployment.
How Bhutan's Bitcoin stash got here
Bhutan's Bitcoin reserves were built primarily through hydropower-backed mining, managed by Druk Holding and Investments (DHI), the country's sovereign investment arm. But the stash has been shrinking. According to Arkham Intelligence data, holdings dropped from roughly 13,390 BTC in October 2024 to an estimated 5,600 BTC by mid-2026. Over $237 million moved out of reserve addresses since January 2026, likely to fund domestic infrastructure priorities — including GMC.
What 3iQ will actually do
The mandate gives 3iQ discretionary management over a defined portion of GMC's Bitcoin reserves. Specifics — the amount, custody arrangements, permitted strategies, and fee structure — haven't been disclosed. Beyond the portfolio work, 3iQ has committed to investing in local talent development, knowledge transfer, and establishing a permanent office in Gelephu. It's positioning itself as a founding institutional partner in building GMC into a digital offshore financial hub.
GMC's bigger play
Gelephu Mindfulness City isn't just a real estate project. It's offering a fast-track licensing route for firms already regulated in Singapore, Hong Kong, and Abu Dhabi. Selected sectors get zero corporate tax. Banking access comes through DK Bank. The 3iQ mandate is described as the first of several milestones as GMC pursues its goal of becoming a competitive digital offshore financial center.
Bhutan is moving from pure holder to active manager. The partnership indicates that at least a portion of GMC's Bitcoin allocation is being professionally managed rather than liquidated. For 3iQ, it's a high-profile win. The firm is a subsidiary of Coincheck Group N.V. (NASDAQ: CNCK), a Netherlands-based holding company. Founded in Toronto in 2012, 3iQ was Canada's first regulated digital asset fund manager and launched the first Bitcoin and Ethereum ETP on a major global stock exchange. This mandate puts that experience to work for a sovereign treasury — a first for the firm and for Bhutan.
The partnership is the first of several milestones as GMC aims to become a competitive digital offshore financial center. What remains unclear is how much of Bhutan's remaining Bitcoin will eventually flow into professional management — and how quickly.
