Bhutan's GMC Taps 3iQ to Manage Part of Bitcoin Treasury

Bhutan's Gelephu Mindfulness City (GMC) has awarded Toronto-based 3iQ Corp. a mandate to manage part of its Bitcoin treasury, using a low-risk, market-neutral strategy aimed at generating long-term returns.

The size and source of the BTC mandate were not disclosed, amid ongoing questions about Bhutan's earlier pledge of up to 10,000 BTC, then worth around $1 billion. The pledge was made by King Jigme Khesar Namgyel Wangchuck in December.

The deal with 3iQ is intended not only to create jobs for Bhutanese youth and build skills in technology and finance, but also to generate long-term returns through a market-neutral investment approach. GMC did not specify whether any specific approach has been selected, but the strategy usually yields at least 5% annually in the general market.

Onchain data suggests that around $1 billion has left wallets linked to Bhutan's sovereign fund, sparking questions about the allocation of its BTC pledge. GMC declined to disclose where the BTC under management comes from.