Arkham Intelligence Identifies Government Wallets Holding 6,300 BTC
The United Arab Emirates (UAE) reportedly holds approximately $700 million worth of Bitcoin, according to blockchain analytics firm Arkham Intelligence. The holdings, estimated at 6,300 BTC, were accumulated primarily through mining operations rather than asset seizures, marking a distinct approach compared to other nations.
Arkham Confirms UAE Bitcoin Holdings
Arkham revealed the findings in a post on X, stating it had identified wallet addresses linked to the UAE government. The firm noted that “unlike the US and UK, the UAE’s holdings do not come from police asset seizures but from mining operations with Citadel Mining.”
Citadel Mining, founded in 2022, is majority-owned by International Holding Company (IHC), a state-controlled conglomerate tied to Abu Dhabi’s royal family. Arkham further corroborated its data by matching on-chain transactions with official reports and even using satellite imagery to track the construction timeline of the Abu Dhabi mining facility.
The disclosed holdings are far lower than previous speculation, which suggested the UAE might control as much as 420,000 BTC worth $46 billion, largely from criminal seizures. The actual figure of 6,300 BTC ranks the UAE sixth among nation-state Bitcoin holders, behind Bhutan (11,286 BTC) but ahead of El Salvador (6,246 BTC), according to BitBo.
Globally, the US remains the largest Bitcoin-holding nation with 198,012 BTC, primarily from asset seizures, followed by China with 194,000 BTC and the UK with 61,245 BTC. Sovereign entities collectively hold around 517,000 BTC, or 2.4% of Bitcoin’s total supply, representing a market value of over $56 billion.
Through its strategic partnership with Phoenix Group and Citadel Mining, the UAE has established itself as a key mining hub in the Middle East. With Bitcoin adoption growing globally, experts suggest the UAE’s approach could strengthen its position as a digital asset powerhouse in the region.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.