Canadian digital asset manager 3iQ Corp. will work to manage part of the Bitcoin reserves linked to Bhutan’s Gelephu Mindfulness City project.
According to a statement, 3iQ, described as Canada’s largest and oldest digital asset fund manager, will manage the 10,000 Bitcoins pledged to build the new region. The firm also plans to invest in local talent and set up a long-term physical presence in Gelephu as the area seeks to position itself as Bhutan’s new offshore digital financial hub.
10,000 BTC tied to the special administrative region
Bhutan said last year that it would use 10,000 Bitcoins to fund a special administrative region known as Gelephu Mindfulness City. First announced in 2023, GMC is intended to become a world-class economic hub in southern Bhutan.
“From the very inception we were aligned with GMC’s vision to create a next-generation economic hub that attracts global talent while being committed to Bhutan’s cultural values and environmental principles,” 3iQ director and CEO Pascal St-Jean said in a statement.
GMC board director Jigdrel Singay said, “Beyond their institutional expertise and global track record in digital asset management, what stood out to us was their genuine commitment to investing in people, transferring knowledge and building local capabilities.”
Bhutan has been buying and mining Bitcoin for years
Bitcoin Magazine said Bhutan has been buying Bitcoin for years, and that the GMC project offers a way to put part of that stack to use. The country quietly started mining Bitcoin in 2019.
Then, in 2024, Bhutan announced that it held a reserve of the digital asset. In January 2025, it said it would also hold other cryptocurrencies on its balance sheet.
GMC sits at the center of Bhutan’s diversification plan
According to Bhutan’s government, GMC is a new economic hub in southern Bhutan designed around mindfulness, sustainability, and innovation. The project is central to the country’s broader effort to diversify its economy beyond hydropower and tourism.
The plan has been compared in the report to El Salvador’s crypto ambitions. In 2021, the Central American country announced plans for a smart city called Bitcoin City, a tax-free economic hub aimed at attracting nomadic wealthy individuals and tech entrepreneurs, with funding through Bitcoin-backed tokenized bonds.
This report first appeared on Bitcoin Magazine and was written by Mathew Di Salvo.