3iQ, the Toronto digital asset manager now owned by Japan’s Coincheck, has announced that it will manage a portion of the Bitcoin reserves behind Bhutan’s Gelephu Mindfulness City (GMC).
3iQ will be the special economic zone’s first named manager for the sovereign crypto it plans to build a financial hub on.
Why is 3iQ managing Bhutan’s Bitcoin?
A partnership was announced between 3iQ, which is now owned by Japan’s Coincheck Group (NASDAQ: CNCK), and Bhutan’s Gelephu Mindfulness City (GMC). 3iQ, GMC’s first named asset manager, will be in charge of handling a portion of its Bitcoin holdings.
3iQ has also agreed to train Bhutan’s local staff, transfer expertise, and maintain a permanent office in Gelephu, helping the region develop into a digital offshore financial center.
Pascal St-Jean, 3iQ’s Director and Chief Executive, said the company would put Bhutan’s capital to work “responsibly, transparently and for the long term.”
Jigdrel Singay, a board director at GMC, called the deal “an important first step” in building the city’s digital asset hub. He also revealed that 3iQ’s commitment to building local capabilities was part of the reason for its selection.
The Bitcoin 3iQ will manage comes from a promise the King of Bhutan, King Jigme Khesar Namgyel Wangchuck, made in December 2025 during his National Day address. Cryptopolitan reported that he said up to 10,000 $BTC would be used to support the long-term development of GMC.
Those reserves were mined using Bhutan’s hydropower and are watched over by Druk Holding and Investments (DHI), the country’s sovereign investment arm.
3iQ, which was started in Toronto in 2012 and became Canada’s first regulated digital asset fund manager, had Coincheck Group take over about 97% of the firm from Monex Group in a stock deal valuing 3iQ near $112 million. This Bhutan mandate is one of 3iQ’s first sovereign clients under its new ownership.
How much Bitcoin does Bhutan have left?
Cryptopolitan reported in May that data from Arkham Intelligence shows that Bhutan has moved more than $237 million out of its reserves since January, with sovereign holdings sliding from about 13,390 $BTC in October 2024 to a much lower estimate of 4,973 $BTC, making it the seventh-largest government holder of Bitcoin.
Now in July, Bhutan reportedly holds 5,600 $BTC valued at approximately $381 million.
Blockchain analysts believe the proceeds may be funding domestic priorities, including infrastructure projects like the Gelephu Mindfulness City initiative. 3iQ’s new role to manage a portion of the reserves shows that at least some of the Bitcoin within GMC is not going to be sold off.
Notably, GMC launched a fast-track licensing route in May for firms already regulated in hubs like Singapore, Hong Kong, and Abu Dhabi, in an attempt to attract other operators. GMC also offers 0% corporate tax for some sectors and banking through DK Bank.
