Overview
- Gelephu Mindfulness City awarded Toronto-based 3iQ a mandate to run part of its bitcoin treasury using a market-neutral, low-risk approach designed to generate long-term returns.
- Neither GMC nor 3iQ disclosed how much bitcoin the mandate covers or where the coins under management originated, leaving provenance and scale unclear.
- Onchain analysis previously reported large outflows from wallets tied to Bhutan’s sovereign holdings but Druk Holdings’ CEO has disputed any recollection of a sale, and that dispute remains unresolved.
- GMC described the strategy as likely to use tactics such as basis trades and lending but did not provide operational details or name counterparties for the yield program.
- The arrangement builds on a December pledge by the king of up to 10,000 BTC for the city and matters because the total size of the reserve could have material economic and accountability effects for Bhutan.