- According to blockchain analytics platform Arkham Intelligence, the United Arab Emirates holds roughly $700 million in Bitcoin.
- Arkham traced mining activity to Citadel Mining, which it says was established in Abu Dhabi in 2022.
- Based on Arkham’s report and BitBo’s estimates, the United Arab Emirates ranks sixth among sovereign Bitcoin holders.
The United Arab Emirates holds approximately $700 million in Bitcoin, largely accumulated through mining operations, according to blockchain analytics platform Arkham Intelligence.
In a post on X, Arkham said it was among the first to publicly identify UAE government-linked wallets, estimating they contain roughly 6,300 BTC.
Those holdings were attributed to mining carried out 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 reserves often originate from law enforcement seizures—the UAE’s reserves are directly tied to mining activity.
Earlier market speculation had suggested the country’s exposure to Bitcoin was far larger.
Market rumors frequently placed UAE holdings at about 420,000 BTC, worth around $46 billion at current prices and allegedly stemming from seized illicit activity.
Had those estimates been accurate, the UAE would have been the largest sovereign holder of Bitcoin in the world.
Arkham’s findings, however, indicate the actual figure is substantially lower.
Mining operations linked to conglomerates connected to the royal family
Arkham tracked mining activity to Citadel Mining, which it says was founded in Abu Dhabi in 2022.
The firm reports that the venture was developed in partnership with Phoenix Group, a listed UAE mining company, and IHC.
Arkham added that it corroborated the on-chain mining timeline with satellite imagery showing the construction of the facility.
The company also said on-chain transactions between Phoenix and Citadel align with figures disclosed in official documents.
Based on its analysis, Arkham estimated Citadel Mining has mined a total of 9,300 BTC to date.
Citadel Mining is 85% owned by 2pointzero, a holding company controlled by IHC.
IHC itself is majority-owned by UAE Royal Group, a conglomerate led by Sheikh Tahnoon bin Zayed Al Nahyan of the Abu Dhabi royal family, which holds a 61% stake.
How the UAE compares to other nation-state holders
Drawing on Arkham’s report and BitBo’s estimates, the United Arab Emirates ranks sixth among sovereign Bitcoin holders.
Its reserves place it behind Bhutan, which reportedly holds 11,286 BTC, and ahead of El Salvador, which holds 6,246 BTC.
The largest holder remains the United States with 198,012 BTC, most of which come from law enforcement seizures.
China ranks second with approximately 194,000 BTC, largely tied to the PlusToken fraud dismantling in 2019, while the United Kingdom is third with 61,245 BTC.
BitBo estimates that sovereign entities collectively hold around 517,000 BTC—about 2.4% of the circulating supply—worth more than $56 billion in total.
In the corporate sector, Michael Saylor’s MicroStrategy is cited as the largest institutional holder, with a treasury of 629,376 BTC, representing roughly 2.9% of supply.
The company continues to expand its Bitcoin reserves.