The Gelephu Mindfulness City has engaged 3iQ to manage part of its bitcoin treasury with a market-neutral strategy, moving away from treating the coins solely as a long-term national asset.
By Shaurya Malwa|Edited by Sheldon Reback Aug 4, 2026, 7:56 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Buddha point, Thimphu, Bhutan (Passang Tobgay/Unsplash)SummaryShow- The Gelephu Mindfulness City in southern Bhutan has contracted Toronto's 3iQ to oversee part of its bitcoin treasury, employing a low-risk, market-neutral strategy aimed at long-term gains.
- The specifics regarding the amount of bitcoin involved remain undisclosed, amid ongoing scrutiny regarding Bhutan’s earlier commitment of up to 10,000 BTC and indications that around $1 billion has exited wallets associated with its sovereign fund.
- In addition to asset management, officials highlight that the partnership with 3iQ aims to provide job opportunities for Bhutanese youth and enhance skills in technology and finance, with concrete programs still in development.
Gelephu Mindfulness City (GMC), a designated administrative zone in southern Bhutan, has tasked 3iQ Corp. with managing part of its bitcoin BTC$63,607.21 treasury, as confirmed in an email from the firms.
GMC opted not to reveal the size of the mandate to CoinDesk.
The new information pertains to the management approach. GMC has chosen the Toronto-based firm to seek long-term returns through a low-risk, market-neutral investment strategy, indicating that the reserve will be utilized for generating yield rather than merely held.
A market-neutral strategy encompasses various approaches, including basis trades and lending, typically yielding at least 5% annually in the broader market. GMC did not clarify if a specific method has been determined.
In December, Bhutan’s monarch, Jigme Khesar Namgyel Wangchuck, committed to an allocation of up to 10,000 BTC, valued at approximately $1 billion at that time, branding it a long-term national asset for the city's progress, with various strategies for collateralization, treasury management, or outright holding still under consideration.
The significance of the mandate's size arises from the ongoing uncertainty regarding the pledge.
CoinDesk reported in May that Ujjwal Deep Dahal, CEO of the government’s commercial arm, Druk Holdings, stated he could not recall the last instance of the company selling any bitcoin, contradicting onchain data indicating that roughly $1 billion had departed from wallets associated with it. Neither GMC nor 3iQ has disclosed the origin of the bitcoin being managed.
When queried about the benefits for Bhutan beyond asset management, GMC pointed to employment opportunities for local youth and skill enhancement in technology and finance, noting that specific programs are still being finalized.
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