Bitget has signed a cooperation agreement with the Gelephu Mindfulness City Authority, setting up a framework to establish a legal entity in Gelephu Mindfulness City, Bhutan, and seek the required financial services licenses under the local regulatory regime overseen by the Gelephu Financial Services Office. The arrangement also covers operational coordination, regulatory workstreams and ecosystem development, subject to the necessary approvals. Bitget CEO Gracy Chen said Bhutan is embracing digital assets with long-term thinking, clean energy advantages and a clear regulatory structure, while GMC board member Jigdrel Singay said the city aims to build a world-class digital asset ecosystem based on sound regulation, institutional-grade standards and long-term economic value. The report also outlines Bhutan’s broader digital asset strategy, including hydropower-backed green crypto mining, the 2025 Financial Services Act governing financial and virtual asset activities in GMC, and Bhutan’s Bitcoin Development Pledge announced in December 2025. Bitget said its planned local presence may include hiring in the market and opening an office to support operations, training, knowledge transfer and long-term capacity building.

Bitget has entered a cooperation agreement with the Gelephu Mindfulness City Authority (GMCA) in Bhutan. Under the deal, the exchange will establish a legal entity in the Gelephu Mindfulness City (GMC), a special administrative region in the south of the country. It will also prepare financial services license applications within the regulatory framework of the Gelephu Financial Services Office (GFSO), while working with GMCA on operations, regulatory affairs, and ecosystem development. Bitget is expected to open local offices and start recruiting in the region as part of the plan, with the stated goal of supporting local talent and long-term construction. GMC is being positioned as a next-generation international financial and innovation center, and its virtual asset regime is governed by the Financial Services Act 2025. Jigdrel Singay, a board director of the Gelephu Mindfulness City, said partners such as Bitget can help bring global expertise to the zone while building local capacity and developing the broader financial ecosystem.

Canadian digital asset manager 3iQ Corp. will help manage part of Bhutan’s Bitcoin reserves tied to the Gelephu Mindfulness City project, according to a statement cited by Bitcoin Magazine. The firm is set to oversee 10,000 BTC pledged to develop the new region and also plans to invest in local talent while establishing a long-term on-the-ground presence in Gelephu. Bhutan said last year that the Bitcoin would be used to fund the special administrative region, first announced in 2023 as a world-class economic hub in the country’s south. 3iQ CEO Pascal St-Jean said the company aligned with GMC’s vision from the start, while GMC board director Jigdrel Singay pointed to 3iQ’s digital asset management experience and its commitment to knowledge transfer and local capability building. The move fits into Bhutan’s broader crypto strategy. The country has been buying Bitcoin for years and quietly began mining it in 2019. In 2024, it announced that it held a reserve of the digital asset, and in January 2025 said it would hold other cryptocurrencies on its balance sheet. Bhutan says GMC is central to efforts to diversify its economy beyond hydropower and tourism.

CoinDesk’s Aug. 4 Daybook excerpt says bitcoin is facing no shortage of pressure points: a multimillion-dollar Coldcard hack, weak institutional demand, regulatory uncertainty and a tougher macro backdrop. Even so, the market is not showing signs of panic. Bitcoin’s 30-day implied volatility index, BVIV, has fallen to 36%, its lowest reading since May 31, after being near 60% in early June. That drop suggests traders are not aggressively paying up for protection, even with negative headlines still in play. The report notes that low volatility can sometimes be read as constructive, but it also warns that volatility tends to mean-revert. BVIV is now hovering around levels that have previously acted as a floor, which means a pickup in volatility could follow. If that happens, the move may come with a sharp directional swing in bitcoin, either higher or lower. For now, several indicators still lean bearish. U.S.-listed spot bitcoin ETFs saw $61.53 million in outflows last week, ending a three-week run of modest inflows. USDT’s market cap has slipped to its lowest since October, while USDC remains in a downtrend. Against that backdrop, Bitfinex analysts pointed to roughly 155,000 BTC accumulated in the $62,000 to $65,000 cost-basis range, a cluster they said could help keep BTC range-bound until a stronger catalyst appears.

Bhutan’s Gelephu Mindfulness City has appointed Canadian digital asset manager 3iQ to run a mandate backed by a portion of its Bitcoin reserves, as the city moves ahead with plans to build a digital asset investment hub. Under the arrangement, 3iQ will oversee part of the Bitcoin allocated to support Gelephu’s development, though the size of the mandate has not been disclosed. Several details remain undisclosed. The two sides did not say how much capital 3iQ will manage, what custody structure will be used, or whether the mandate permits lending, derivatives, or other yield-generating strategies. Beyond portfolio management, 3iQ said it will establish a long-term presence locally, invest in local talent, and provide training and knowledge transfer. Bhutan said in December 2025 that it would allocate up to 10,000 BTC from national holdings to support GMC. 3iQ CEO Pascal St-Jean said the firm would bring institutional discipline to the mandate and deploy Bhutanese capital in a responsible, transparent, and long-term manner. Gelephu board director Jigdrel Singay said 3iQ is one of the city’s founding institutional partners.

Bhutan's Gelephu Mindfulness City launched an accelerated licensing pathway on May 12, 2026, offering 0% corporate tax, guaranteed bank accounts via DK Bank, and BTC-backed lending for firms already regulated in Singapore, ADGM, or Hong Kong.

XRP led the crypto rebound with a 9.42% gain, as ETF inflows hit $46.1 million and over $250 million in shorts were liquidated. Technical breakout and institutional demand drove the rally, with volume surging 125%.

Bhutan's GMC special administrative region launches a combined licensing and banking framework for crypto and fintech firms. Firms already regulated in Singapore, Hong Kong or Abu Dhabi can streamline entry. DK Bank plans BTC-backed lending. Bhutan backs the initiative with 10,000 BTC sovereign reserve.