Gelephu Mindfulness City taps Toronto asset manager for market-neutral approach
Gelephu Mindfulness City, a special administrative region in southern Bhutan, has awarded Toronto-based 3iQ Corp. a mandate to manage part of its bitcoin treasury using a market-neutral investment strategy designed to generate long-term returns rather than hold coins as a static asset.
The move follows King Jigme Khesar Namgyel Wangchuck’s December pledge of up to 10,000 BTC as a long-term national asset for GMC’s development. At the time of the pledge, that amount was valued at approximately $1 billion. The King had listed collateralization, treasury strategies, and holding as options under consideration for deploying the bitcoin.
Market-neutral strategies typically include basis trades and lending arrangements, which historically yield at least 5% annually. GMC declined to disclose the size of the 3iQ mandate to CoinDesk, and neither GMC nor 3iQ has stated whether the bitcoin under management originates from the King’s pledged amount.
The arrangement reflects a shift from passive bitcoin storage to active yield generation. Ujjwal Deep Dahal, CEO of Druk Holdings, Bhutan’s government commercial arm, previously disputed onchain evidence suggesting roughly $1 billion had left wallets attributed to Bhutan’s sovereign fund in May 2026. Dahal said he did not recall the last time the company sold any bitcoin.
GMC cited employment for Bhutanese youth and skills development in technology and finance as benefits extending beyond asset management. The city stated that specific programs remain under development.
Bitcoin was trading at $63,607.21 at the time of the announcement.
