The United Arab Emirates has emerged as one of the largest nation-state holders of Bitcoin, with about 6,300 BTC worth between $700 million and $740 million, according to blockchain analytics firm Arkham Intelligence.
Unlike other governments whose Bitcoin came from criminal seizures, the UAE accumulated its holdings through direct mining operations.
Arkham traced the Bitcoin to Citadel Mining, a company majority-owned by Abu Dhabi’s Royal Group through the International Holding Company (IHC).
Citadel began mining in 2022 alongside Phoenix Group, building one of the region’s most advanced facilities in Abu Dhabi.
The firm is estimated to have mined 9,300 BTC in total, with around 6,300 BTC still held in wallets linked to government-backed entities.
The remainder is believed to have been sold or reinvested into infrastructure.
Arkham said in its statement,
“Unlike the US and UK, the UAE’s holdings do not come from police asset seizures but from mining operations with Citadel Mining.”
The company added it confirmed the mining activity using both on-chain data and satellite imagery of the Abu Dhabi site.
Citadel Mining is 85% controlled by 2pointzero, a holding vehicle owned by IHC, which itself is partly owned by Abu Dhabi’s Royal Group.
The conglomerate is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, a prominent member of the ruling family.
This direct link places Bitcoin mining firmly within the Emirates’ state-backed industrial strategy.
BitBo data shows that the UAE’s confirmed holdings put it among the world’s top sovereign Bitcoin owners.
The United States leads with 198,012 BTC, followed by China with 194,000 and the United Kingdom with 61,245.
Bhutan holds 11,286, making the UAE’s 6,300 Bitcoin larger than El Salvador’s 6,246.
In total, around 517,000 BTC—roughly 2.4% of supply—is believed to sit in sovereign hands, valued at more than $56 billion.
Source: Bitbo
Alongside mined reserves, the UAE’s sovereign wealth fund has taken a position in traditional markets, committing $534 million to a Bitcoin exchange-traded fund.
The two-track approach reflects both the production of digital assets through mining and exposure to regulated investment products.
By leaning on energy resources, state capital and favourable regulation, the UAE has moved into the same league as early sovereign adopters such as Bhutan and El Salvador, but with the scale of Gulf financial backing behind it.
Hollywood is making a new thriller called Killing Satoshi about the mysterious creator of Bitcoin, starring Casey Affleck and Pete Davidson. The film will explore Satoshi Nakamoto’s secrets and the global race for control over his $120 billion in untouched Bitcoin.
AnaisKidnappings, crypto manipulation and institutional corruption are no longer just the subplot of crime thrillers; they have become fixtures of our digital reality.
XingChiMetaplanet, a Japanese firm known for its aggressive Bitcoin accumulation strategy, has announced plans to raise approximately $880 million through an overseas share issuance.
XingChiA Philippine lawmaker has proposed that the central bank buy 2,000 bitcoins each year for five years, creating a national reserve of 10,000 coins. The plan aims to strengthen the country’s finances and provide a long-term store of value alongside traditional reserves like gold and foreign currency.
WeatherlyJapan plans to tax crypto profits at a flat 20% instead of rates as high as 55%. The regulator also aims to allow crypto ETFs and approve the country’s first yen-backed stablecoin.
AnaisArthur Hayes, the BitMEX co-founder pardoned by Donald Trump, has invested in a stem cell firm with clinics in Mexico and Bangkok. He is also backing crypto treasury firms while warning that the market may already be overheating.
WeatherlyA Pennsylvania lawmaker has put forward a bill to stop politicians and their families from owning or trading crypto while in office. The plan follows claims that Donald Trump has used his role to profit from tokens like his own memecoin.
WeatherlyBitcoin has retraced below $117,000 after reaching an all-time high last week, signaling a pause in upward momentum and growing caution among investors.
XingChiDutch cryptocurrency company Amdax is preparing to launch one of Europe’s most ambitious Bitcoin strategies yet: creating a dedicated Bitcoin treasury firm, seeking a listing on Amsterdam’s Euronext, and ultimately aiming to acquire 1% of the total Bitcoin supply.
XingChiIn a concerted effort led by Atomic Wallet, with the participation of forensic experts and centralised exchanges, a sum of $2 million suspicious deposits have been frozen.
KikyoThe class-action lawsuit, a unified effort by around 50 affected investors, directs its focus on Atomic Wallet's response to the security incident.
DavinArkham Intel Exchange celebrates a milestone as two brilliant blockchain sleuths successfully claim the first-ever bounty reward for uncovering crucial evidence related to Do Kwon’s elusive crypto wallets.
BitcoinistThe messaging feature will support the 1.3 million Ethereum addresses using the wallet that are human-readable and/or ENS-enabled.
nftnowAtomic Wallet has joined the growing list of hack incidents in crypto and DeFi protocols this year.
BitcoinistCustomers of Atomic Wallet fell victim to a massive cryptocurrency heist over the weekend, resulting in the loss of millions of dollars.
CatherineBinance plans to increase employees by up to 30% in 2023. It has over 687 job openings presently.
BeincryptoThe social media platform has been looking to cut costs and find new sources of revenue; DOGE falls below 13 cents.
CoindeskHe has expressed optimism in terms of the crypto future in his piece published in The Banker on September 28.
OthersDAO, the fan club of crypto influencer and model Yuqing Irene Zhao, is guided by its core values of Simplicity, Wholeness, Meaning, and Purpose (SIMP).
Cointelegraph