Bhutan's Gelephu Mindfulness City just hired 3iQ, a Toronto asset manager, to make money off part of its bitcoin stash. Instead of locking coins away as a long-term reserve, the southern region now wants them generating returns through what's called market-neutral trading. That means using strategies like basis trades and lending to pull in yield, typically 5% or more annually, without taking on massive downside risk.
The move marks a sharp turn from the original plan. Back in December, Bhutan's king pledged up to 10,000 BTC, worth roughly $1 billion at the time, as a national asset for the city's development. Officials left options on the table then, listing collateralization, treasury strategies and simple holding as possibilities. Now one path has been chosen, though GMC won't say how many coins are actually in play.
That silence matters. Blockchain data has been a problem for Bhutan's bitcoin story. Back in May, CoinDesk reported roughly $1 billion flowing out of wallets tied to the country's sovereign fund, yet the government's commercial arm CEO claimed he couldn't recall the last time they sold any coins. The gap between onchain evidence and official statements has left observers wondering what's real. This new mandate announcement doesn't clear that up.
Beyond the trading strategy, GMC says the partnership is meant to create jobs for young Bhutanese and build skills in tech and finance. Officials mention specific training programs are still being designed, but haven't detailed what that looks like yet.
This article is for informational purposes and should not be considered financial advice or investment guidance.
