Arkham Says UAE Holds About $700 Million in Bitcoin Via Citadel Mining

Blockchain analytics firm Arkham Intelligence on 25 Aug disclosed that addresses it has identified as belonging to the United Arab Emirates government hold about 6,300 Bitcoin, worth roughly $700 million to $740 million. The findings mark the first time the sovereign’s on-chain reserves have been publicly labeled, Arkham said.

Arkham attributed the holdings to Citadel Mining, a publicly listed Bitcoin miner majority-owned by Abu Dhabi-based Royal Group. The coins were accumulated through the company’s own mining operations rather than open-market purchases, according to the analysis.

With the stash, the UAE becomes the world’s fourth-largest state holder of Bitcoin, underscoring the Gulf nation’s growing engagement with digital assets. Separately, Abu Dhabi’s sovereign wealth fund has built a $534 million position in a Bitcoin exchange-traded fund, further highlighting institutional adoption of the cryptocurrency in the region.

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