A portion of Gelephu Mindfulness City’s bitcoin treasury has been entrusted to Toronto-based firm, 3iQ Corp. The move follows a pledge by the King of Bhutan, Jigme Khesar Namgyel Wangchuck, relating to the allocation of 10,000 Bitcoin.
The value of the bitcoin held within GMC’s treasury is currently reported at $64,368.38. The city intends to utilise this reserve through a market-neutral investment strategy, aiming for long-term returns. The specific approach will incorporate techniques such as basis trades and lending.
3iQ Corp. has been selected to manage this portion of the treasury with a low-risk methodology. GMC’s objective is to generate an annual yield target of 5% through deploying the assets rather than simply holding them. This represents a significant step for Bhutan in its engagement with digital assets.
The initial pledge of 10,000 Bitcoin was described as a “long-term national asset,” although this assessment requires confirmation. The exact scale of the mandate awarded to 3iQ Corp remains undisclosed by GMC. Details regarding the firm’s investment strategy are also not yet available for public scrutiny.
The total estimated value of the pledged Bitcoin at its inception was approximately $1 billion. This allocation reflects a wider trend among sovereign entities exploring opportunities within the cryptocurrency market, albeit with a focus on measured risk mitigation.
The undertaking highlights GMC’s commitment to innovation and diversification within its operations. The partnership with 3iQ Corp is expected to contribute to the city’s long-term financial goals, although ongoing monitoring of investment performance will be crucial.
Written by Rebecca Shaw
Industry Desk
