Bitcoin News Today: UAE Mines Its Way to Top 4 in Global Bitcoin Holdings

The United Arab Emirates has emerged as one of the world’s largest government holders of Bitcoin, with blockchain intelligence firm Arkham identifying $700 million in Bitcoin holdings attributed to the UAE. These assets, sourced from mining operations conducted by Citadel, a publicly listed mining company, mark the UAE as the fourth-largest government entity by Bitcoin holdings, following the United States, China, and the United Kingdom [1].

According to Arkham, the UAE’s Bitcoin holdings were not acquired through purchases or police seizures, but were instead mined via Citadel’s operations. The firm estimates that Citadel has mined approximately 9,300 BTC to date, with at least 6,300 BTC still held. This mining initiative, which began in 2022, involved the construction of an 80,000-square-meter mining farm on Al Reem Island in Abu Dhabi. Satellite imagery and on-chain activity confirm the timing and scale of the operation [1].

Citadel is 85% owned by 2pointzero, which is itself wholly owned by the International Holding Company (IHC). IHC, in turn, is majority-owned by the UAE Royal Group, controlled by Sheikh Tahnoon bin Zayed Al Nahyan of the Abu Dhabi royal family. Through its partnership with Phoenix Group, a publicly listed mining company in the UAE, Citadel established a state-backed mining operation that has become a key player in the global Bitcoin mining landscape [1].

The UAE’s approach to acquiring Bitcoin through mining reflects a strategic, long-term perspective on digital asset accumulation. Unlike many governments that acquire Bitcoin through seizures or market purchases, the UAE has opted for an industrial-scale approach that aligns with its broader economic and technological ambitions. This strategy positions the country as a leader in the emerging digital asset ecosystem, particularly in the context of on-chain transparency and institutional-grade crypto infrastructure [4].

In a related development, the Sustainable Bitcoin Protocol (SBP), a firm focused on integrating clean energy into Bitcoin mining, has joined Abu Dhabi’s Hub71, a premier tech ecosystem. This move underscores the UAE’s commitment to leveraging digital assets for sustainable development and energy transition. Hub71 provides SBP with access to capital, infrastructure, and a network of global investors and partners, further strengthening its position in the market [2].

The UAE’s growing presence in the Bitcoin space highlights the region’s increasing influence in the global digital asset market. As governments and institutions continue to explore the utility of Bitcoin as a reserve asset, the UAE’s mining-based approach offers a distinct model that could be replicated or adapted by other nations seeking to build sovereign crypto holdings [4].

Source:

[1] Arkham: Identified $740 Million Worth of BTC Holdings in the UAE, Primarily Mined by Citadel (https://www.bitget.com/news/detail/12560604929663)

[2] Sustainable Bitcoin Protocol Joins Hub71's Thriving Tech Ecosystem (https://www.sustainablebtc.org/learn/news/sustainable-bitcoin-protocol-joins-hub71-abu-dhabi-digital-assets)

[3] Arkham: $740 Million Worth of Bitcoin Holdings in the UAE (https://www.bitget.com/news/detail/12560604929629)

[4] Arkham reveals UAE's $700m Bitcoin holdings originating from mining (https://crypto.news/arkham-reveals-uaes-700m-bitcoin-holdings-originating-from-mining/)