The United Arab Emirates (UAE) possesses approximately $700 million in Bitcoin, primarily gained through mining activities, as reported by the blockchain analytics firm Arkham Intelligence.
In a post on X, Arkham noted on Monday that it has become one of the first entities to publicly identify the wallets held by the UAE government, discovering that these wallets contain about 6,300 Bitcoin (BTC).
This Bitcoin was extracted via Citadel Mining, which is primarily owned by the UAE government’s conglomerate, the International Holding Company (IHC).
“Unlike the US and UK, the UAE’s holdings stem from mining operations with Citadel Mining rather than police asset seizures,” Arkham stated.
Source: Arkham
The disclosed Bitcoin holdings are significantly lower than previously speculated figures. Rumors often suggested that the UAE’s holdings were around 420,000 Bitcoin from various sources, including criminal seizures, valued at $46 billion, potentially positioning the country as the largest national holder of Bitcoin globally.
UAE mining firm linked to royal family
According to Arkham, in collaboration with Phoenix Group, a public UAE mining company, and the IHC, Citadel established a Bitcoin mining facility in Abu Dhabi in 2022.
Source: Arkham
“We successfully verified the timeline of onchain mining activity using time-lapse satellite imagery of the facility’s construction,” the firm remarked.
“On-chain transactions between Phoenix and Citadel also correspond with figures stated in official reports.”
Overall, Arkham estimates that through Citadel, the UAE has mined a total of 9,300 Bitcoin.
Citadel Mining is 85% owned by 2pointzero, which in turn is owned by the IHC; the UAE Royal Group, a conglomerate with a 61% stake owned by Sheikh Tahnoon bin Zayed Al Nahyan of Abu Dhabi’s royal family, has significant influence in its operations.
How does the UAE compare to other nations
With its recently reported holdings, the UAE would rank as the sixth-largest Bitcoin holder among all nations, positioned between Bhutan at 11,286 and El Salvador at 6,246, according to BitBo.
The United States remains the largest national holder of Bitcoin, with 198,012 mostly obtained through criminal seizures. China follows with 194,000, attributed mainly to its 2019 crackdown on the PlusToken scam. The UK holds third place with 61,245 Bitcoin.
The US, China, and the UK rank as the top countries with Bitcoin holdings, with the UAE at sixth based on its newly disclosed figures. Source: BitBo
BitBo estimates that 517,000 Bitcoin are stored in sovereign vaults, accounting for about 2.4% of the total supply, with an overall value surpassing $56 billion.
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However, Bitcoin’s pseudonymous creator, Satoshi Nakamoto, is thought to hold 1.096 million Bitcoin across numerous wallets, according to Arkham, making them the largest individual holder, while Michael Saylor’s company, Strategy, is the largest corporate holder with a stash of 629,376 Bitcoin, representing 2.9% of the total supply and continuing to grow.
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