Bhutan’s Gelephu appoints 3iQ to manage part of Bitcoin treasury

What the mandate covers

According to the announcement, 3iQ will manage an undisclosed share of the Bitcoin allocated to support Gelephu’s development. The companies did not reveal how much Bitcoin is included in the mandate, how the assets will be held in custody, or whether 3iQ will be allowed to use lending, derivatives, or other yield-generating strategies.

Those omissions leave key operational details unresolved in public. Still, the agreement marks a concrete step in moving from treasury allocation plans to external asset management.

Part of a broader Bitcoin allocation

The new arrangement follows Bhutan’s December 2025 announcement that up to 10,000 Bitcoin from the country’s national holdings would be allocated to support Gelephu Mindfulness City. The latest deal represents the next stage of that effort, with a portion of the earmarked treasury now being placed under professional management.

No timeline was provided for how quickly additional parts of the plan may be implemented, and the parties did not disclose whether more managers could be appointed later.

3iQ’s role in Gelephu

Beyond managing the Bitcoin mandate, 3iQ said it will establish a long-term presence in Gelephu. The firm also plans to invest in local talent and provide training and knowledge transfer as the city develops its digital-asset capabilities.

3iQ CEO Pascal St-Jean said the company intends to bring institutional discipline to the mandate and help deploy Bhutan’s capital “responsibly, transparently and for the long term.”

Gelephu board director Jigdrel Singay described 3iQ as one of the city’s founding institutional partners, signaling that the relationship is intended to extend beyond a single portfolio management assignment.

Building a digital offshore finance center

The two organizations said more milestones will be announced as Gelephu works to position itself as a digital offshore financial center. Their stated focus areas include innovation, sustainability, and institutional asset management.

The announcement does not settle how Gelephu’s Bitcoin strategy will be structured in detail, but it shows the city is moving ahead with outside partnerships as it tries to turn a national crypto holding into a development tool. For now, the public picture remains limited to the broad allocation plan, the appointment of 3iQ, and the city’s wider ambition to create a regulated institutional base for digital-asset activity.