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Bhutan’s GMC hires 3iQ to run a market-neutral part of its bitcoin treasury

The Gelephu Mindfulness City says the mandate is aimed at generating long-term returns through yield, rather than holding the coins as a long-term national asset.

Reported · Written up by our desk · Altcoins

Bhutan’s Gelephu Mindfulness City, or GMC, has hired Toronto-based 3iQ to manage part of its bitcoin treasury using a low-risk, market-neutral approach designed to generate long-term returns, CoinDesk reported. The amount and source of the bitcoin mandate were not disclosed.

GMC told CoinDesk it selected 3iQ to deploy the reserve for yield rather than simply holding it. The outlet noted that market-neutral strategies can include tactics such as basis trades and lending, and such approaches usually target at least 5% annual returns, though GMC did not specify which tactics would be used.

The hiring follows questions about an earlier Bhutan pledge connected to up to 10,000 BTC, which CoinDesk said was valued around $1 billion at the time and has faced scrutiny based on onchain data. CoinDesk also reported earlier that Druk Holdings CEO Ujjwal Deep Dahal said he did not recall the last time the company sold any bitcoin, while onchain data suggested about $1 billion had left wallets attributed to the sovereign fund.

Beyond asset management, GMC said the deal is intended to create jobs for Bhutanese youth and build skills in technology and finance, with specific programs still being developed, according to CoinDesk. Neither GMC nor 3iQ has disclosed where the bitcoin under management comes from.

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