Bhutan and Cumberland DRW have entered a multi-year strategic partnership to develop a “responsible, sustainable digital asset ecosystem” in Gelephu Mindfulness City (GMC). It will be a special economic and innovation zone envisioned by King Jigme Khesar Namgyel Wangchuck.
The MoU focuses on building a modern digital asset market infrastructure, integrating capital markets with Bhutan’s renewable energy resources in order to power the blockchain network and related infrastructure. This will enable Bhutan to align all activities with the country’s environmental and governance values.
On Bhutan’s side, the initiative is led by Green Digital Ltd, a GMC entity responsible for developing renewable energy-backed digital asset infrastructure and computing centers. Cumberland DRW, part of the Chicago-based trading firm DRW, brings global liquidity, trading expertise, and market structure experience to support the build-out.
Image source: @gmcbhutan via X
What Will Cumberland DRW Do?
Under the MoU, Cumberland’s planned roles include:
- Supporting Bhutan in managing its national Bitcoin reserves, which have grown via mining and investment since 2019.
- Establishing a physical presence in Gelephu Mindfulness City, including local offices and staffing.
- Providing access to global liquidity and market infrastructure for Bhutan-linked digital assets.
- Deploying subject-matter experts to train and upskill local talent in trading, risk management, and digital asset operations.
This leverages Bhutan’s existing crypto footprint: Druk Holding & Investments (DHI), the kingdom’s sovereign wealth arm, has already partnered with Bitdeer Technologies Group, raising a $500 million fund to build hydro-powered Bitcoin mining with a target capacity of ~600MW by 2025.
Focus Areas: Stablecoins, Green Mining, AI Compute
The MoU outlines several key pillars for the digital asset roadmap:
- National Crypto Ecosystem
Bhutan and Cumberland plan to design a modern framework covering trading, custody, yield-generation products, and on-chain financial primitives tailored to a sovereign context.
- National Stablecoin Infrastructure
The parties are exploring a Bhutan-linked stablecoin, potentially backed by national assets and integrated into domestic and cross-border payments. This complements Bhutan’s separate plans for TER, a gold-backed sovereign digital token launching on Solana in December 2025.
- Sustainable Mining and AI Computing
GMC’s renewable-powered data centers will support eco-friendly Bitcoin mining and AI compute clusters, turning surplus hydropower into digital revenue streams. This builds on existing hydropower-based mining operations that generate significant BTC per week for the kingdom.
- Yield and Capital Markets Integration
Cumberland will help structure yield strategies around Bhutan’s digital assets and reserves, connecting them to global capital markets under a risk-managed framework.
Why Bhutan Is Investing in Digital Assets?
Image source: @gmcbhutan via X
Bhutan’s move is not a sudden pivot; it extends a multi-year strategy to diversify beyond hydropower using blockchain and digital assets:
- The country quietly began Bitcoin mining around 2019, scaling to multiple hydropower-backed sites and reportedly accumulating a significant number of BTC.
- DHI’s 2023 partnership with Bitdeer launched a $500 million “green crypto mining” fund, using cheap, carbon-free hydropower.
- Bhutan has piloted a National Digital Identity system and is preparing TER, a gold-backed token, signaling broader tokenization ambitions.
The Cumberland DRW MoU fits into this trajectory by adding a market-infrastructure layer, trading, stablecoin rails, yield, and talent development, on top of existing mining and tokenization efforts.
Read more: What is Tokenization?
Final Thoughts
Bhutan’s multi-year MoU with Cumberland DRW marks a significant escalation of its digital asset ambitions. From quietly mining Bitcoin in the Himalayas to openly building a regulated, sustainable crypto ecosystem in Gelephu Mindfulness City.
By combining hydropower, national reserves, stablecoin plans, and AI compute with Cumberland’s market expertise, Bhutan is crafting a blueprint. This will allow small, energy-rich nations can plug into the global digital economy on their own terms.
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FAQs
1. What did Bhutan and Cumberland DRW sign?
They signed a multi-year Memorandum of Understanding to develop digital asset infrastructure in Gelephu Mindfulness City, focusing on a responsible, sustainable national crypto ecosystem.
2. What is Gelephu Mindfulness City (GMC)?
GMC is a special administrative and innovation zone in southern Bhutan, envisioned by King Jigme Khesar Namgyel Wangchuck as a hub for technology, sustainability, and mindful economic growth.
3. What role will Cumberland DRW play?
Cumberland will support management of Bhutan’s Bitcoin reserves, provide liquidity and trading expertise, establish a local presence, and help design frameworks for yield, stablecoins, and market infrastructure.
4. Is Bhutan planning a national stablecoin?
Yes. The MoU includes exploring a national stablecoin infrastructure, and Bhutan is separately preparing TER, a gold-backed sovereign digital token set to launch on Solana.
5. How is this connected to Bhutan’s Bitcoin mining?
Bhutan already runs large hydropower-backed mining operations and a $500 million “green mining” fund with Bitdeer. The Cumberland partnership adds trading, reserve management, and ecosystem layers on top of that base.
