Nansen to set up Bhutan entity in Gelephu Mindfulness City
Blockchain analytics firm Nansen will establish a local entity and build a team in Gelephu Mindfulness City (GMC) in southern Bhutan, expanding into the kingdom as its Special Administrative Region advances its digital asset strategy.
According to a joint announcement, Nansen plans to incorporate within GMC and develop on-the-ground analytics capabilities to deliver blockchain data and market intelligence to industry participants operating in the region.
GMC is a purpose-built Special Administrative Region focused on long-term economic development. The region has previously outlined digital asset initiatives spanning custody infrastructure, tokenization, institutional liquidity, and regulatory frameworks.
The move will not replace Nansen’s existing Singapore operations, CEO Alex Svanevik said, noting the company will add an entity within GMC and selected the location because of the initiative’s overarching vision.
Svanevik said Bhutan is integrating digital assets into its economic framework from the outset. He cited GMC’s strategic reserves that include crypto, a progressive regulatory approach, and sovereign backing as key factors the company aims to support.
Nansen plans to hire locally as part of the expansion. While the company did not disclose staffing targets, Svanevik said the intention is to build a “meaningful local team,” with details on roles and office setup expected in the coming months.
Nansen describes itself as an AI-native on-chain analytics platform that tracks more than 500 million labeled blockchain addresses and provides real-time data tools across major blockchain networks.
Bhutan places Gelephu Mindfulness City at the core of its digital asset plan
Announced in 2023, Gelephu Mindfulness City is designed as a new economic hub to create high-value local jobs and attract businesses across finance, green energy, technology, healthcare, and agriculture, while offering regulatory flexibility for crypto and fintech firms.
In December, the government said it would allocate up to 10,000 Bitcoin (BTC) from national holdings to support the city’s development. Officials said they were evaluating treasury and risk-managed yield strategies for the Bitcoin reserves, alongside long-term plans aimed at preserving value while supporting stable and sustainable growth.
Nansen is not the first digital asset company to enter the region. Also in December, crypto market maker Cumberland DRW signed a multi-year memorandum of understanding to help develop digital asset infrastructure in GMC, including financial frameworks, sustainable mining and AI compute, yield strategies, and stablecoin infrastructure.
Bhutan holds the world’s fifth-largest national Bitcoin reserve, with Bitbo estimating its holdings at 11,286 BTC as of Nov. 18.
The country’s crypto strategy is led by Druk Holding and Investments (DHI), the commercial arm of the royal government.
In an April 2025 interview with Reuters, DHI CEO Ujjwal Deep Dahal said the fund began accumulating cryptocurrencies in 2019 to convert surplus hydropower into foreign-currency liquidity, and senior officials in Thimphu have said some profits have helped support government salary payments over the past two years.
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