Blockchain analytics firm Arkham Intelligence has traced wallet addresses belonging to the United Arab Emirates, revealing that the country holds around 6,300 Bitcoin – worth roughly $700 million – largely accumulated through mining rather than asset seizures.
Unlike the U.S. and U.K., which built their sovereign reserves through confiscations, the UAE’s Bitcoin comes from operations run by Citadel Mining, a company backed by the Abu Dhabi–based International Holding Company (IHC). Arkham said it confirmed the activity by cross-checking on-chain data with construction timelines of Citadel’s mining facilities, launched in 2022 with Phoenix Group.
The firm estimates Citadel has mined about 9,300 BTC in total, with the government’s share flowing into state-linked wallets. Citadel is controlled by IHC, which is majority-owned by Sheikh Tahnoon bin Zayed Al Nahyan’s Royal Group.
Smaller Than Rumored, But Still Significant
For years, speculation suggested the UAE might control as much as 420,000 BTC, which would have made it the largest sovereign Bitcoin holder in the world. The new data shows the real figure is far lower, but still places the Emirates sixth globally, just behind Bhutan and ahead of El Salvador.
How the UAE Compares
- U.S.: 198,012 BTC (mainly from seizures)
- China: 194,000 BTC (linked to the PlusToken crackdown)
- U.K.: 61,245 BTC
- Bhutan: 11,286 BTC
- UAE: 6,300 BTC
- El Salvador: 6,246 BTC
In total, BitBo estimates governments worldwide hold about 517,000 Bitcoin, roughly 2.4% of the total supply.
A Growing Sovereign Trend
The UAE’s entry into the top 10 underscores how governments are experimenting with different paths to accumulate Bitcoin—whether through mining infrastructure, seizures, or direct purchases. With corporate treasuries like Michael Saylor’s Strategy continuing to expand, sovereign and institutional accumulation is becoming an increasingly important force in the market.
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Source: https://coindoo.com/uae-revealed-to-hold-700m-in-bitcoin-from-mining-operations/