According to findings from Arkham Intelligence, a blockchain analysis firm, the United Arab Emirates (UAE) possesses approximately $700 million worth of Bitcoin. This stockpile is primarily the result of Bitcoin mining endeavors.
In a post on X (formerly Twitter) on Monday, Arkham announced that they have achieved a breakthrough by publicly identifying wallet addresses associated with the UAE government. These addresses collectively hold around 6,300 Bitcoin (BTC).
The Bitcoin accumulation stems from mining activities conducted by Citadel Mining, a company predominantly owned by the International Holding Company (IHC), a government-affiliated conglomerate within the UAE.
Arkham emphasized that “Unlike the holdings of nations like the US and UK, the UAE’s Bitcoin wealth originates not from law enforcement asset seizures, but rather from dedicated mining operations through Citadel Mining.”
Arkham
The confirmed Bitcoin holdings are considerably smaller than previously rumored figures. Previous speculation had suggested the UAE controlled as much as 420,000 Bitcoin, potentially acquired from sources like criminal asset forfeitures, and valued at $46 billion. Such a quantity would have crowned the Emirates as the leading nation-state Bitcoin holder worldwide.
UAE Mining Firm Linked to Royal Interests
Arkham revealed that Citadel, in collaboration with Phoenix Group, a publicly traded UAE mining entity, and IHC, constructed a Bitcoin mining facility in Abu Dhabi back in 2022.
Arkham
The analytics firm stated, “We successfully verified the timeline of on-chain mining activities by comparing them with time-lapse satellite imagery documenting the construction of the mining site.”
“Furthermore, on-chain transactions between Phoenix and Citadel align precisely with the financial figures published in official reports.”
Arkham estimates that the UAE, through Citadel’s mining operations, has collectively mined approximately 9,300 Bitcoin.
Citadel Mining is predominantly (85%) owned by the holding company 2pointzero, itself a subsidiary of IHC. IHC, in turn, sees a significant 61% stake held by the UAE Royal Group, a conglomerate controlled by Sheikh Tahnoon bin Zayed Al Nahyan, a member of Abu Dhabi’s royal family.
UAE’s Bitcoin Holdings Compared to Other Nations
Based on these newly disclosed figures, the UAE currently ranks sixth among countries with the largest Bitcoin reserves, trailing Bhutan’s 11,286 and surpassing El Salvador’s 6,246, as reported by BitBo.
The United States remains the foremost nation-state holder of Bitcoin, with 198,012 BTC, largely obtained through criminal seizures. China follows in second place with 194,000 Bitcoin, primarily acquired from the 2019 crackdown on the PlusToken scam. The UK holds the third position with 61,245 Bitcoin.
BitBo
BitBo estimates that roughly 517,000 Bitcoin are currently held in sovereign reserves, representing approximately 2.4% of the total circulating supply and valued at over $56 billion.
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Notably, Bitcoin’s anonymous creator, Satoshi Nakamoto, is believed to control a staggering 1.096 million Bitcoin distributed across numerous wallets, according to Arkham. This would make Satoshi the largest single holder. In contrast, Michael Saylor’s company, MicroStrategy, is the largest corporate entity holding Bitcoin, possessing a treasury of 629,376 Bitcoin, or 2.9% of the total supply, and is continuing to increase its holdings.
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