How Bhutan's Bitcoin stash got here
->Sådan fik Bhutan sin Bitcoin-beholdning
Paragraph: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.
Translation:Bhutans Bitcoin-reserver blev hovedsageligt opbygget gennem vandkraftbaseret minedrift, administreret af Druk Holding and Investments (DHI), landets suveræne investeringsarm. Men beholdningen er blevet mindre. Ifølge data fra Arkham Intelligence faldt beholdningerne fra cirka 13.390 BTC i oktober 2024 til anslået 5.600 BTC i midten af 2026. Over 237 millioner dollars er blevet flyttet ud af reserveadresserne siden januar 2026, sandsynligvis for at finansiere indenlandske infrastrukturprioriteter — herunder GMC.
Heading 2:What 3iQ will actually do
->Hvad 3iQ rent faktisk vil gøre
Paragraph: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.
Translation:Mandatet giver 3iQ diskretionær forvaltning over en defineret del af GMC's Bitcoin-reserver. Detaljer — beløbet, depotordninger, tilladte strategier og gebyrstruktur — er ikke blevet offentliggjort. Ud over porteføljearbejdet har 3iQ forpligtet sig til at investere i lokal talentudvikling, vidensoverførsel og etablering af et permanent kontor i Gelephu. Virksomheden positionerer sig som en grundlæggende institutionel partner i at bygge GMC til et digitalt offshore finansielt knudepunkt.
Heading 3:GMC's bigger play
->GMC's større plan
Paragraph: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.
Translation:Gelephu Mindfulness City er ikke bare et ejendomsprojekt. Det tilbyder en hurtigsporet licensvej for virksomheder, der allerede er reguleret i Singapore, Hongkong og Abu Dhabi. Udvalgte sektorer får nul selskabsskat. Bankadgang sker gennem DK Bank. 3iQ-mandatet beskrives som den første af flere milepæle, mens GMC forfølger sit mål om at blive et konkurrencedygtigt digitalt offshore finansielt center.
Next paragraph: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.
Translation:Bhutan bevæger sig fra ren indehaver til aktiv forvalter. Partnerskabet indikerer, at i det mindste en del af GMC's Bitcoin-allokering bliver professionelt forvaltet snarere end likvideret. For 3iQ er det en profilstærk gevinst. Virksomheden er et datterselskab af Coincheck Group N.V. (NASDAQ
