Arkham Intelligence has reported on August 25 that the United Arab Emirates owns Bitcoin
$109,473.27
worth about $700 million.
The Bitcoins are linked to Citadel Mining, a company tied to the government, and the holdings are spread across wallet addresses that Arkham has connected to the state, which contain around 6,300 BTC.
Citadel Mining began operating a Bitcoin facility in Abu Dhabi in 2022. The project was built together with Phoenix Group, a listed mining company in the UAE, and the International Holding Company (IHC).
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Arkham noted that the flow of newly mined Bitcoin on blockchain records aligns with the construction and launch of this site. To confirm this, the firm used both on-chain data and satellite images of the facility.
Arkham also stated that transactions between Phoenix Group and Citadel Mining reflected the same amounts shown in official company documents. This connection helps prove the link between the wallets and the government-backed mining business.
While the government-linked wallets hold 6,300 BTC today, Arkham noted that Citadel Mining has mined closer to 9,300 BTC in total.
The ownership of Citadel Mining runs through several layers. The company is 85% controlled by 2pointzero, which itself is owned by IHC. IHC is partly owned by Royal Group, which holds a 61% stake. Royal Group belongs to Sheikh Tahnoon bin Zayed Al Nahyan, a senior figure in Abu Dhabi’s ruling family.
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