- According to blockchain analysis platform 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, accumulated primarily through mining operations, according to blockchain analytics firm Arkham Intelligence.
In a post on X on Monday, Arkham said it was among the first to publicly identify UAE government wallets, estimating they contain roughly 6,300 BTC.
Those holdings were linked to mining carried out by Citadel Mining, a company majority-owned by International Holding Company (IHC).
Arkham noted that, unlike the United States and the United Kingdom—where national Bitcoin reserves largely stem from police asset seizures—the UAE’s reserves are directly associated with mining activity.
Market speculation had previously implied much larger state exposure to Bitcoin.
Rumors often placed the UAE’s holdings at about 420,000 BTC—worth roughly $46 billion at current prices—and suggested these coins originated from seizures tied to illicit activity.
If those estimates had been accurate, the UAE would have been the world’s largest sovereign Bitcoin holder.
However, Arkham’s findings point to a substantially smaller figure.
Mining operations tied to royalty-linked conglomerates
Arkham traced the mining activity to Citadel Mining, which it reports was founded in Abu Dhabi in 2022.
The firm said the operation was developed in partnership with Phoenix Group, a publicly listed UAE mining company, and IHC.
Arkham added that it corroborated the on-chain mining timeline with satellite imagery showing the construction of the mining facility.
The company also said on-chain transactions between Phoenix and Citadel matched figures disclosed in official documents.
Based on its analysis, Arkham estimated that Citadel Mining has mined a total of roughly 9,300 BTC to date.
Citadel Mining is 85% owned by 2pointzero, a holding entity controlled by IHC.
IHC itself is majority-owned by UAE Royal Group, a conglomerate led by Sheikh Tahnoon bin Zayed Al Nahyan of Abu Dhabi’s ruling family, which holds a 61% stake.
How the UAE compares with other nation-states
Combining Arkham’s report with BitBo’s estimates places the UAE sixth among sovereign Bitcoin holders.
Its reserves rank behind Bhutan, which holds 11,286 BTC, and ahead of El Salvador, which holds 6,246 BTC.
The United States remains the largest holder with 198,012 BTC, most of which come from law enforcement seizures.
China follows with roughly 194,000 BTC, mainly due to the 2019 crackdown on the PlusToken fraud, while the United Kingdom ranks third with 61,245 BTC.
BitBo estimates that sovereign entities collectively hold about 517,000 BTC—approximately 2.4% of the total circulating supply—with a combined value exceeding $56 billion.
In the corporate sector, Michael Saylor’s MicroStrategy is cited as the largest institutional holder, with a treasury of 629,376 BTC, representing about 2.9% of supply.
The company continues to expand its Bitcoin reserves.