Key facts
- Gelephu Mindfulness City (GMC) has hired 3iQ Corp. to manage a portion of its bitcoin treasury.
- The investment strategy will be low-risk and market-neutral, aiming for long-term returns.
- The specific size of the bitcoin mandate was not disclosed.
- GMC aims to create jobs and develop tech and finance skills for Bhutanese youth through this initiative.
Gelephu Mindfulness City (GMC), a special administrative region in southern Bhutan, has awarded Toronto-based 3iQ Corp. a mandate to manage a portion of its bitcoin treasury. The firm will employ a low-risk, market-neutral strategy designed to generate long-term returns, rather than simply holding the assets.
The specific size of the bitcoin mandate was not disclosed. This comes amid ongoing questions surrounding Bhutan's earlier pledge of up to 10,000 BTC, which was valued at approximately $1 billion when announced in December. Onchain data has suggested about $1 billion has left wallets linked to its sovereign fund, though officials have disputed some of these interpretations.
Beyond financial returns, GMC stated that the partnership with 3iQ is intended to create employment opportunities for Bhutanese youth and foster skills development in technology and finance. Specific programs to achieve these goals are reportedly still under development.