The UAE government owns around 6,300 bitcoins (worth around $740 million), according to data from blockchain analytics platform Arkham.
These assets are held through Citadel Mining, a public mining company controlled by the UAE.
Arkham is the first to publish these addresses, listing the UAE as the bitcoin holder for the fourth largest state on the platform. Unlike the US and the UK, the UAE’s Bitcoin reserves are derived directly from mining operations rather than legal seizures.
Citadel Mining has produced approximately 9,300 BTC to date through its operations at Phoenix Group. The company currently owns at least 6,300 BTC.
Details regarding ownership of Citadel Mining are as follows:
- 85% of Citadel mining is owned by 2pointzero
- 2pointzero is 100% owned by an International Holding Company (IHC).
- 61% of IHC are managed by the UAE Royal Group
- The Royal Group is owned by Sheikh Tanoon bin Zayed Al Nahyan, a member of the Abu Dhabi royal family.
In 2022, an 80,000 square metre Bitcoin mining facility was built in just six months and was entrusted to Abu Dhabi’s Island of Alrem. Arkham said it used on-chain data and satellite imagery to check the facility’s construction progress. Furthermore, the transaction between Citadel and Phoenix coincides with the amounts reported in the official report.
The Phoenix Group has also been tagged in Arkham, and is reportedly holding approximately $3.2 million worth of BTC.
*This is not investment advice.
