- Blockchain analytics firm Arkham Intelligence estimates the United Arab Emirates holds roughly $700 million in Bitcoin.
- Arkham traced the mining operations to Citadel Mining, a company established in Abu Dhabi in 2022.
- Using Arkham’s findings and BitBo’s estimates, the UAE ranks sixth among sovereign Bitcoin holders.
According to blockchain analytics firm Arkham Intelligence, the United Arab Emirates holds approximately $700 million worth of Bitcoin, largely accumulated through mining activities.
In a post on X, Arkham said it had identified wallets linked to the UAE government and estimated they contain roughly 6,300 Bitcoin.
Arkham attributed these holdings to mining conducted by Citadel Mining, a firm in which the government-backed International Holding Company (IHC) is a majority stakeholder.
Arkham pointed out a key distinction in how sovereign Bitcoin reserves are acquired. Unlike the United States and the United Kingdom—where much of the national Bitcoin supply stems from law enforcement seizures—the UAE’s holdings are reportedly derived directly from mining operations.
Previous market speculation had suggested far larger UAE reserves.
Rumors circulated that the country controlled as many as 420,000 Bitcoin (roughly $46 billion at recent prices), allegedly sourced from seizures tied to illicit activity—an amount that would have made the UAE the world’s largest sovereign Bitcoin holder.
Arkham’s analysis significantly lowers that estimate, however, putting the actual figure at a fraction of those rumors.
Mining operations tied to royal-linked conglomerates
Arkham traced the mining output to Citadel Mining, which it says was founded in Abu Dhabi in 2022.
The firm reports the venture was developed in partnership with Phoenix Group, a publicly listed UAE mining company, and the IHC.
To support its conclusions, Arkham cross-referenced on-chain mining activity with satellite imagery documenting the construction of the mining facility.
It also identified on-chain transfers between Phoenix and Citadel that matched figures disclosed in official filings.
Based on its analysis, Arkham estimates Citadel Mining has mined about 9,300 Bitcoin in total to date.
Ownership records indicate Citadel Mining is 85% owned by 2pointzero, a holding entity controlled by IHC.
IHC is in turn majority owned by the 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 estimates from BitBo places the UAE sixth among sovereign Bitcoin holders.
The UAE’s estimated holdings of roughly 6,300 Bitcoin rank it behind Bhutan, which reportedly holds 11,286 Bitcoin, and ahead of El Salvador, which holds 6,246.
The United States remains the largest sovereign holder with about 198,012 Bitcoin, most of which originated from law enforcement seizures.
China ranks next with roughly 194,000 Bitcoin, largely linked to the 2019 enforcement actions against the PlusToken scam, while the United Kingdom holds around 61,245 Bitcoin.
BitBo estimates that sovereign entities collectively control about 517,000 Bitcoin—roughly 2.4% of the circulating supply—worth more than $56 billion at current prices.
Among corporations, MicroStrategy, led by Michael Saylor, is cited as the largest institutional holder, with a reported treasury of 629,376 Bitcoin, representing roughly 2.9% of the total supply; the company continues to add to its holdings.