The United Arab Emirates (UAE) government owns approximately 6,300 Bitcoins (worth approximately $740 million), according to data from blockchain analysis platform Arkham.
These assets are held through the UAE-controlled publicly traded mining company Citadel Mining.
Arkham has publicly labeled these addresses for the first time, listing the UAE as the fourth-largest state Bitcoin holder on the platform. Unlike the US and UK, the UAE’s Bitcoin reserves are derived directly from mining operations, not through legal seizures.
Citadel Mining has produced approximately 9,300 BTC to date through its operations with Phoenix Group. The company currently holds at least 6,300 BTC.
Details regarding Citadel Mining’s ownership are as follows:
- 85% of Citadel Mining is owned by 2pointzero
- 2pointzero is 100% owned by International Holding Company (IHC)
- 61% of IHC is controlled by UAE Royal Group
- Royal Group is owned by Sheikh Tahnoon bin Zayed Al Nahyan, a member of the Abu Dhabi Royal Family.
In 2022, an 80,000-square-meter Bitcoin mining facility was built and commissioned on Al Reem Island in Abu Dhabi in just six months. Arkham stated that it verified the facility’s construction progress using on-chain data and satellite imagery. Furthermore, transactions between Citadel and Phoenix align with the amounts reported in official reports.
Phoenix Group has also been tagged in Arkham and is reportedly holding approximately $3.2 million worth of BTC.
*This is not investment advice.
