Blockchain analytics firm Nansen is establishing a local presence in Bhutan’s Gelephu Mindfulness City, marking a significant expansion as the Special Administrative Region advances its digital asset infrastructure. According to a joint announcement shared with Cointelegraph, the company will incorporate a new entity within GMC and develop on-the-ground blockchain analytics capabilities to serve industry participants in the region.
The move will complement Nansen’s existing Singapore operations rather than replace them. CEO Alex Svanevik told Cointelegraph that the company selected GMC because of the vision behind the economic zone, where digital assets are integrated into the framework from the outset rather than added retroactively.
Blockchain Analytics Expansion into Purpose-Built Digital Asset Hub
Nansen plans to build a meaningful local team in Bhutan, though specific staffing targets have not been disclosed. The company expects to provide additional details on roles and office setup in the coming months as the expansion progresses.
Svanevik emphasized that Bhutan’s approach differentiates it from other crypto-friendly jurisdictions. He noted that GMC has digital assets in its strategic reserves, a progressive regulatory framework, and genuine sovereign conviction behind its development, making it an attractive location for blockchain companies seeking to establish early presence in an emerging ecosystem.
The analytics platform tracks more than 500 million labeled blockchain addresses and provides real-time data tools across major blockchain networks. The company positions itself as an AI-native onchain analytics provider serving institutional and professional market participants.
Gelephu Mindfulness City Attracts Digital Asset Companies
Announced in 2023, Gelephu Mindfulness City is designed as a new economic hub within southern Bhutan focused on long-term development across multiple sectors. The Special Administrative Region offers regulatory flexibility specifically tailored to cryptocurrency and fintech businesses while also targeting finance, green energy, technology, healthcare and agriculture companies.
In December, the Bhutanese government announced plans to allocate up to 10,000 Bitcoin from national holdings to support the city’s development. Officials indicated they were evaluating treasury and risk-managed yield strategies for the Bitcoin holdings alongside long-term plans aimed at preserving value while supporting stable growth.
Nansen joins other digital asset firms establishing operations in 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, AI compute capabilities, yield strategies and stablecoin infrastructure.
National Bitcoin Holdings Support Cryptocurrency Strategy
Bhutan holds the world’s fifth-largest national Bitcoin reserve according to tracking data. Bitbo estimated the country’s holdings at 11,286 BTC as of November 18, representing a substantial sovereign position in cryptocurrency markets.
The kingdom’s crypto strategy is led by Druk Holding and Investments, the commercial arm of the royal government. In an April interview with Reuters, DHI CEO Ujjwal Deep Dahal said the fund began accumulating cryptocurrencies in 2019 to convert surplus hydropower into foreign-currency liquidity.
Senior officials in the capital of Thimphu have indicated that profits from cryptocurrency holdings have helped support government salary payments over the past two years. This integration of digital assets into government operations reflects Bhutan’s broader commitment to building economic infrastructure around blockchain technology and cryptocurrency markets.
Details on Nansen’s specific service offerings and client relationships within GMC are expected to emerge as the company finalizes its local incorporation and begins hiring staff in the coming months.