3iQ, the Canadian investment firm behind some of the first regulated bitcoin funds, has been tapped to manage a slice of Gelephu Mindfulness City’s Bitcoin treasury. The size of the mandate wasn’t disclosed.
The deal
Gelephu Mindfulness City, a special administrative region in Bhutan built around Buddhist principles and digital-asset innovation, holds a significant Bitcoin stash — much of it mined using the country’s hydroelectric power. 3iQ will oversee an undisclosed portion of that treasury, the firm confirmed this week. The arrangement gives the city-state access to 3iQ’s institutional-grade custody and portfolio management infrastructure.
This is one of the first times a sovereign or quasi-sovereign entity has outsourced Bitcoin treasury management to a third-party asset manager. It’s a signal that even jurisdictions sitting on large crypto reserves see value in professional oversight — especially as regulatory scrutiny around self-custody and governance grows. For 3iQ, the deal adds a high-profile client and a stamp of credibility beyond its core ETF business.
What’s next
Neither side gave a timeline for expanding the arrangement. Gelephu is still building out its regulatory framework for digital assets, and 3iQ is expected to provide regular reporting on the treasury’s performance. The city’s broader plan includes attracting crypto businesses and offering a light-touch regulatory environment — a pitch that will now include a Canadian fund manager as a partner.
