- According to blockchain analytics firm Arkham Intelligence, the United Arab Emirates holds roughly $700 million in Bitcoin.
- Arkham traced the mining activity to Citadel Mining, which it says was established in Abu Dhabi in 2022.
- Based on Arkham’s report and estimates from BitBo, the UAE ranks sixth among sovereign Bitcoin holders.
The United Arab Emirates holds approximately $700 million worth of Bitcoin, primarily acquired through mining activity, according to blockchain analytics firm Arkham Intelligence.
In a post on X on Monday, Arkham said it had become one of the first firms to publicly identify wallets tied to the UAE government, estimating they contain about 6,300 Bitcoin.
Arkham attributed the holdings to mining operations conducted by Citadel Mining, a company majority-owned by the government-backed International Holding Company (IHC).
Arkham noted that, unlike the United States and the United Kingdom—where national Bitcoin holdings largely stem from law enforcement seizures—the UAE’s reserves are directly linked to mining.
Earlier speculation about the country’s Bitcoin exposure had suggested far larger reserves.
Market rumors frequently placed the UAE’s holdings at around 420,000 Bitcoin, worth roughly $46 billion at current prices, allegedly originating from seizures tied to illegal activity.
If accurate, those estimates would have positioned the UAE as the world’s largest sovereign Bitcoin holder.
Arkham’s findings, however, put the figure substantially lower.
Mining activities linked to royal-affiliated conglomerates
Arkham traced the mining activity to Citadel Mining, which the company says was founded in Abu Dhabi in 2022.
Citadel reported that the operation was developed in partnership with Phoenix Group, a listed mining firm in the UAE, and IHC.
Arkham added that it corroborated the timeline of on-chain mining activity with satellite imagery showing construction of the facility.
The firm said on-chain transactions between Phoenix and Citadel also matched figures disclosed in official documents.
Based on its analysis, Arkham estimates Citadel Mining has mined a total of 9,300 Bitcoin to date.
Citadel Mining is 85% owned by 2pointzero, a holding company controlled by IHC.
IHC itself is largely owned by UAE Royal Group, a conglomerate led by Sheikh Tahnoon bin Zayed Al Nahyan of Abu Dhabi’s royal family, which holds a 61% stake.
How the UAE compares with other nations
Using Arkham’s report and BitBo’s estimates, the UAE ranks sixth among sovereign Bitcoin holders.
The UAE’s reserves place it behind Bhutan, which holds 11,286 Bitcoin, and ahead of El Salvador, which holds 6,246.
The United States remains the largest holder with 198,012 Bitcoin, the majority of which comes from law enforcement seizures.
China follows with about 194,000 Bitcoin, primarily resulting from the 2019 crackdown on the PlusToken scam, while the UK ranks third with 61,245.
BitBo estimates that sovereign entities collectively hold roughly 517,000 Bitcoin, about 2.4% of the total circulating supply, with a combined value exceeding $56 billion.
In the corporate sector, MicroStrategy—Michael Saylor’s company—is cited as the largest institutional holder, with a treasury of 629,376 Bitcoin, approximately 2.9% of the supply.
The company continues to expand its Bitcoin reserves.