Bhutan's GMC puts part of its bitcoin treasury to work after 10,000 BTC pledge
The planned Gelephu Mindfulness City says 3iQ will run part of its bitcoin treasury on a market-neutral basis, a shift from holding the coins as a long-term national asset.
Source: CoinDesk
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DW NOTE
Bhutan controls roughly $3.2 billion in bitcoin through its sovereign miner Druk Holdings, accumulated from state-run mining operations. Hiring a Canadian manager to run part of that stack "market-neutral" is a polite way of saying they're no longer content to sit on a volatile reserve. The shift from strategic hold to yield-farming suggests either fiscal pressure or doubt that appreciation alone will cover the opportunity cost. Either way, pledging 10,000 BTC to a special economic zone and then immediately farming it for basis trades is not the behaviour of a treasury convinced of its own thesis.