3iQ, a Toronto digital asset management firm now owned by Japan’s Coincheck, has announced that it will manage a portion of the Bitcoin reserves behind the Gelephu Mindness City (GMC) in Bhutan.
3iQ will be the first named manager of the sovereign cryptocurrency special economic zone on which it plans to build a financial centre.
Why does 3iQ manage Bitcoin in Bhutan?
A partnership between 3iQ has been announced, and now It is owned by the Japanese Coincheck Group (NASDAQ:CNCK), and Gelephu Mindfulness City in Bhutan (GMC). 3iQ, GMC’s first asset manager, will be responsible for handling a portion of its Bitcoin holdings.
3iQ has also agreed to train local staff in Bhutan, transfer expertise, and maintain a permanent office in Gelephu, helping the region develop into an offshore digital financial hub.
Pascal Saint-Jean, director and CEO of 3iQ, said the company will use Bhutan’s capital to operate “responsibly, transparently and for the long term.”
Contact Jigdreel Singhay, Director, GMC The deal “An important first step” in building a digital asset hub in the city. He also revealed that 3iQ’s commitment to building local capabilities was part of the reason for its selection.
The management of Bitcoin 3iQ comes from a promise made by the King of Bhutan, King Jigme Khesar Namgyel Wangchuk, in December 2025 during his National Day speech. Cryptopolitan reported He said that up to 10,000 bitcoins will be used to support the long-term development of GMC.
These reserves were extracted using hydroelectric power in Bhutan, and are monitored by Druk Holdings and Investments (DHI), the country’s sovereign investment arm.
3iQ, which started in Toronto in 2012 and became Canada’s first regulated digital asset fund manager, Coincheck Group has acquired about 97% of the company from Monex Group in a stock deal that values 3iQ at about $112 million. This state of Bhutan is one of the 3iQ states The first sovereign clients Under its new ownership.
How much bitcoin is left in Bhutan?
Cryptopolitan Reported in May Data from Arkham Intelligence shows that Bhutan has moved more than $237 million of its reserves since January, with sovereign holdings falling from around 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 He is said to be holding 5,600 bitcoins Its value is estimated at approximately $381 million.
Blockchain analysts believe the proceeds could fund local priorities, including infrastructure projects such as the Gelephu Mind City Initiative. 3iQ’s new role to manage part of the reserves shows that at least some of the bitcoins within GMC will not be sold.
Notably, GMC launched a licensing fast track in May for already regulated companies in hubs such as Singapore, Hong Kong and Abu Dhabi, in a bid to attract other operators. GMC also offers 0% corporate tax for certain sectors and banking services through DK Bank.
