The UAE has been identified as holding around $700 million in Bitcoin, primarily mined through domestic operations rather than asset seizures, according to blockchain analytics platform Arkham Intelligence. Arkham said on Monday that it had traced government-linked wallets containing about 6,300 BTC, most of which were generated by Citadel Mining, a firm majority-owned by the UAE’s International Holding Company (IHC). Bitcoin Holdings Far Below Speculation For years, speculation has swirled that the UAE had quietly amassed a Bitcoin hoard of more than 420,000 BTC, worth over $46 billion, allegedly from criminal seizures. The new data puts those rumors to rest, painting a much smaller but still notable picture of the country’s involvement in digital assets. Notably, unlike the U.S. or U.K., which accumulated much of their crypto from confiscations, the UAE’s stash comes directly from mining. Arkham estimates Citadel Mining has produced a total of 9,300 BTC since its launch in 2022, though not all of it remains in government-linked wallets today. The mining venture was built in Abu Dhabi through a partnership between Citadel, Phoenix Group—a publicly listed UAE mining company—and the IHC. Citadel Mining is 85% owned by 2pointzero, itself controlled by the IHC. The IHC is majority-owned by the UAE Royal Group, a conglomerate chaired by Sheikh Tahnoon bin Zayed Al Nahyan, a senior member of Abu Dhabi’s ruling family. UAE Joins Global Sovereign Bitcoin Holders The UAE’s current Bitcoin position places it as the world’s sixth-largest state holder, according to data from BitBo. It sits just behind Bhutan, with 11,286 Bitcoin units , and slightly ahead of El Salvador’s 6,246 BTC. The U.S. remains the top government holder, with 198,012 BTC largely from criminal seizures, followed closely by China with 194,000 and the U.K. with 61,245. Altogether, sovereign states are estimated to control about 517,000 Bitcoin, equal to roughly 2.4% of the total supply. At current prices, this represents more than $56 billion in state-controlled BTC. By comparison, Bitcoin’s anonymous creator, Satoshi Nakamoto, is still believed to hold the largest personal stash—around 1.096 million BTC. On the corporate side, Michael Saylor’s Strategy leads with 629,376 BTC, representing nearly 3% of all coins in circulation. The post UAE Revealed to Hold $700M in Bitcoin Through Mining Operations appeared first on TheCoinrise.com .
