Canadian digital asset manager 3iQ, now majority-owned by Japan's Coincheck Group, has been appointed to manage a portion of the Bitcoin reserves allocated to Bhutan's Gelephu Mindfulness City (GMC) special economic zone. The partnership, announced on July 30, 2026, names 3iQ as GMC's first official asset manager for its sovereign crypto holdings.
Under the agreement, 3iQ will establish a permanent office in Gelephu, conduct technical training programs for local staff, and manage part of the Bitcoin that King Jigme Khesar Namgyel Wangchuck pledged during his December 2025 National Day address. The monarch earmarked up to 10,000 BTC, mined using Bhutan's hydropower resources, to support the long-term development of GMC as a digital offshore financial hub. The sovereign investment arm Druk Holding and Investments (DHI) retains overall custody of the nation's Bitcoin reserves.
3iQ CEO Pascal St-Jean said the firm would deploy the capital “responsibly, transparently and for the long term,” while GMC board director Jigdrel Singay emphasized that 3iQ’s commitment to building local capabilities was key to its selection. The deal also benefits from GMC's recently introduced fast-track licensing for firms regulated in jurisdictions like Singapore, Hong Kong, and Abu Dhabi, alongside 0% corporate tax for strategic sectors and banking services through DK Bank.
On-chain data from Arkham Intelligence shows Bhutan's sovereign Bitcoin holdings have fluctuated significantly—from about 13,390 BTC in October 2024 to 4,973 BTC by May 2026, later recovering slightly to an estimated 5,600 BTC worth approximately $381 million by July 2026. Analysts believe that over $237 million in outflows from state wallets since January 2026 may have funded domestic infrastructure, including GMC. The engagement of 3iQ signals that at least part of the remaining Bitcoin will not be sold but actively managed.
