Arkham: UAE Bitcoin Holding Address Worth $740 Million Identified, Primarily Mined Through Citadel

BlockBeats News, August 25, Arkham announced on social media that addresses associated with the United Arab Emirates have now been tagged on the Arkham platform. The UAE's Bitcoin holdings, valued at $740 million, have been marked on the Arkham platform. These holdings originate from Citadel's Bitcoin mining operations—a publicly listed mining company controlled by the UAE Royal Group through International Holding Company (IHC). Arkham stated that the UAE is the fourth-largest government entity holding Bitcoin on the platform, with total BTC holdings valued at approximately $740 million. Unlike the U.S. and the U.K., where Bitcoin holdings often result from police asset seizures, the UAE's Bitcoin is generated through mining operations in collaboration with Citadel. To date, Citadel has mined approximately 9,300 BTC and still holds at least 6,300 BTC. Citadel is 85% owned by 2pointzero, which is fully owned by IHC. Around 61% of IHC's shares are held by the UAE Royal Group, which is controlled by Sheikh Tahnoon bin Zayed Al Nahyan, a member of the Abu Dhabi royal family. In collaboration with Phoenix Group (a publicly listed UAE mining company) and the government-owned IHC, Citadel constructed an 80,000-square-meter Bitcoin mining facility on Al Reem Island, Abu Dhabi, within six months in 2022. Satellite time-lapse imagery of the mining facility's construction aligns with the timeline of on-chain mining activities. On-chain transactions between Phoenix Group and Citadel also match the officially disclosed amounts. Phoenix Group has likewise been tagged on the Arkham platform, with BTC holdings valued at $3.2 million.