UAE Bitcoin Holdings Reach $700M Through Mining, Arkham Reports

The United Arab Emirates (UAE) has accumulated about $700 million in Bitcoin holdings, according to blockchain analytics firm Arkham Intelligence. Unlike the U.S. and U.K. whose reserves largely come from asset seizures the UAE’s stash comes directly from Bitcoin mining operations.

UAE’s Bitcoin Mining Strategy

Arkham identified government-linked wallets holding 6,300 BTC mined by Citadel Mining, a company 85% owned by 2pointzero, itself controlled by IHC. IHC is majority-owned by the Royal Group, tied to Sheikh Tahnoon bin Zayed Al Nahyan of Abu Dhabi’s ruling family.

In 2022, Citadel, with Phoenix Group and IHC, built an 80,000-square-meter mining facility on Al Reem Island. Arkham verified the operation by matching on-chain transactions with satellite imagery of the site’s construction. To date, Citadel has mined about 9,300 BTC, though some coins have been sold or moved.

How UAE Ranks Among Global Bitcoin Holders

With its reported 6,300 BTC, the UAE now holds the sixth-largest national stash:

• U.S. – 198,000 BTC (mostly seizures)
• China – 194,000 BTC (from scams and crackdowns)
• U.K. – 61,000 BTC
• Bhutan – 11,200 BTC
• UAE – 6,300 BTC
• El Salvador – 6,246 BTC

In total, sovereign entities hold about 517,000 BTC, representing 2.4% of supply worth over $56 billion.

Strategic Significance of UAE Bitcoin Holdings

The UAE’s approach mining instead of seizing or purchasing on exchanges mirrors Bhutan’s national strategy. By leveraging cheap energy and infrastructure, the UAE converts natural resources into a digital reserve asset.

This positions the country not just as a crypto-friendly hub but also as a geopolitical player in digital wealth accumulation, signaling a long-term commitment to Bitcoin’s role in global finance.