According to a report from blockchain analysis platform Arkham Intelligence, the United Arab Emirates (UAE) holds approximately $700 million in Bitcoin, which has been primarily accumulated through mining operations.
Arkham stated in a post on X on Monday that it has become one of the first institutions to publicly identify the UAE government wallet, discovering that its wallet address holds about 6,300 Bitcoins (BTC).
These Bitcoins were obtained through Citadel Mining, a company controlled by the International Holding Company (IHC), a conglomerate owned by the UAE government.
"Unlike the United States and the United Kingdom, the UAE's holdings do not come from police asset seizures but rather from mining operations with Citadel Mining," Arkham stated.
The reported Bitcoin holdings are far lower than rumors suggested. Previous speculative rumors often placed the UAE's holdings at around 420,000 Bitcoins, which were said to come from criminal seizures, valued at $46 billion, making the UAE the largest national holder of Bitcoin in the world.
Arkham noted that Citadel collaborated with the UAE-listed mining company Phoenix Group and IHC to establish a Bitcoin mining facility in Abu Dhabi in 2022.
"We were able to confirm the timeline of on-chain mining activities through delayed satellite images of the facility's construction," the company stated.
Arkham estimates that the UAE has mined a total of 9,300 Bitcoins through Citadel.
Citadel Mining is 85% owned by the holding company 2pointzero, which is owned by IHC. The UAE royal group holds a 61% stake in IHC, which is owned by Sheikh Tahnoon bin Zayed Al Nahyan, a member of the Abu Dhabi royal family.
According to BitBo data, with the newly reported holdings, the UAE will become the sixth largest country in Bitcoin reserves, ranking just behind Bhutan, which holds 11,286 Bitcoins, and ahead of El Salvador, which holds 6,246 Bitcoins.
The United States remains the largest national holder of Bitcoin, with 198,012 Bitcoins, primarily from criminal seizures. China ranks second with 194,000 Bitcoins, most of which came from the crackdown on the PlusToken scam in 2019. The United Kingdom ranks third with 61,245 Bitcoins.
BitBo estimates that sovereign treasuries hold 517,000 Bitcoins, accounting for about 2.4% of the total supply, with a total value exceeding $56 billion.
However, according to Arkham data, the anonymous creator of Bitcoin, Satoshi Nakamoto, is believed to hold 1.096 million Bitcoins across thousands of wallets, making it the largest reserve. Michael Saylor's company, Strategy, is the largest corporate holder, with 629,376 Bitcoins in its treasury, accounting for 2.9% of the total supply and still growing.
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Original: “Arkham: UAE Holds $700 Million in Bitcoin (BTC) Through Mining Operations”
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