Bhutan’s Gelephu Mindfulness City appointed Canadian digital-asset manager 3iQ on July 30 to manage a dedicated mandate backed by an undisclosed portion of its Bitcoin treasury.
Summary
- 3iQ will manage an undisclosed portion of Gelephu Mindfulness City’s Bitcoin treasury under the mandate.
- 10,000 BTC were pledged in December 2025 to support Gelephu’s long-term development and economic plans.
- 3iQ plans a long-term local presence, talent investment and knowledge transfer alongside treasury management operations.
The agreement advances a national pledge to allocate up to 10,000 BTC to the special administrative region’s long-term development.
The parties said 3iQ will also establish a long-term presence in Gelephu, invest in Bhutanese talent and transfer investment-management knowledge. They did not disclose how much Bitcoin entered the mandate or when active management would begin.
3iQ mandate leaves key commercial terms undisclosed
The company release provides no mandate value, management fee, custody provider or investment benchmark. It also does not say whether 3iQ may lend Bitcoin, use derivatives, post collateral or pursue yield strategies. Those omissions prevent an independent assessment of the mandate’s risk limits or expected returns.
3iQ chief executive Pascal St-Jean said the firm would put Bhutan’s capital to work “responsibly, transparently and for the long term.” That statement describes the company’s intended approach, not a verified performance outcome. GMC board director Jigdrel Singay called 3iQ a founding institutional partner for the city’s planned fund ecosystem.
The agreement connects GMC with Coincheck Group, whose shares trade on Nasdaq. Coincheck disclosed that it completed the acquisition of a 99.8% beneficial interest in 3iQ on February 28. St-Jean became Coincheck Group’s chief executive on April 1 while retaining his role at 3iQ.
Bhutan’s Bitcoin pledge enters its deployment phase
Bhutan announced in December 2025 that up to 10,000 BTC from national holdings would support Gelephu’s development. GMC says the reserve was built by converting surplus hydroelectric power into Bitcoin and is intended to create jobs, develop technical skills and strengthen long-term financial resilience.
The official pledge says the Bitcoin is being put to work for national development rather than held for short-term speculation. The 3iQ appointment is the clearest disclosed step so far toward outside professional management, although the amount assigned to the firm remains unknown.
However, Bhutan has also explored collateralization, treasury management and risk-managed yield as possible tools for the broader pledge. GMC rejected claims that earlier transfers from Bhutan-linked wallets represented sales from Bitcoin committed to the city’s strategic reserves.
Gelephu’s rules require clarity on 3iQ’s local role
Gelephu’s Financial Services Office regulates traditional finance and virtual-asset activity inside the special administrative region. Its rules require firms carrying out regulated services, including asset management, to obtain a financial services licence before beginning local operations.
The regulator’s public directory did not list an entity named 3iQ on July 31. That absence does not prove that the mandate requires a separate GMC licence or that no application is pending. The partnership announcement did not identify a licensed local entity or explain the regulatory structure under which 3iQ will operate.
The directory currently includes seven approved firms, with 8020 Finance authorized to manage assets from July 23. GMC has also introduced an accelerated pathway for firms already supervised in recognized foreign financial centers, but local regulators retain responsibility for final approval.
Further milestones will define the treasury strategy
3iQ and GMC said this agreement is the first of several milestones they plan to announce over the coming months. Expected steps include building a local team, establishing operations and developing an institutional fund ecosystem, but the parties provided no formal timetable.
Future disclosures will need to show the Bitcoin amount under management, custody controls, permitted trading strategies and reporting standards. Any use of leverage, lending or collateral would also require clear risk limits because losses or counterparty failures could affect assets committed to national development.
Until those details are released, the agreement confirms a manager and a strategic direction rather than a fully disclosed investment program. Its progress will be measured by regulatory approvals, operational launches and transparent reporting on how Bhutan’s Bitcoin supports Gelephu’s development.
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