Bhutan's GMC Deploys Bitcoin Treasury With 3iQ Corp Following King's 10,000 BTC Pledge

Woofun AI reports that Gelephu Mindfulness City (GMC) has engaged 3iQ Corp to administer a segment of its bitcoin (BTC) treasury, shifting from passive holding to active yield generation. The Toronto-based firm was selected to execute a low-risk, market-neutral investment approach, ensuring the reserve produces long-term returns rather than remaining static.

Structurally, the strategy encompasses basis trades and lending mechanisms, which typically generate at least 5% annually in general market conditions. This operational shift contrasts with the December announcement by Jigme Khesar Namgyel Wangchuck, who pledged up to 10,000 BTC—valued at roughly $1 billion—as a long-term national asset. At that time, collateralization, treasury strategies, and simple holding were all listed as potential options still under consideration.

Notably, the mandate’s scale remains undisclosed, complicating efforts to verify the underlying assets amid persistent scrutiny. Per Woofun AI, it was reported in May that Ujjwal Deep Dahal, CEO of Druk Holdings, disputed onchain data indicating roughly $1 billion had exited wallets attributed to the government’s commercial arm. Neither GMC nor 3iQ has clarified the specific origin of the bitcoin currently under management.

Beyond asset management, GMC emphasizes socio-economic objectives, specifically employment for Bhutanese youth and skills development in technology and finance. While specific programs are still being worked through, this deployment marks a concrete step toward monetizing the pledged reserves despite unresolved questions regarding their provenance.