Bitcoin News Today: UAE Royal Family-Backed Mining Fuels $740M Bitcoin Push

Arkham, a prominent on-chain data monitoring platform, has identified $740 million worth of Bitcoin (BTC) holdings attributed to the United Arab Emirates, making the country the fourth-largest government entity holding BTC on the platform [1]. The BTC holdings were primarily generated through state-backed mining operations in partnership with Citadel, a firm with strong UAE ties. Unlike the United States and the United Kingdom, where Bitcoin is often acquired through police asset seizures, the UAE's holdings reflect a strategic investment through mining infrastructure. According to Arkham’s data, approximately 9,300 BTC have been mined, with at least 6,300 BTC remaining in the UAE’s possession [1].

The mining initiative is tied to Citadel, which is 85% owned by 2pointzero, a firm itself fully controlled by IHC. IHC, in turn, is largely owned by the UAE Royal Group, under the leadership of Sheikh Tahnoon bin Zayed Al Nahyan, a member of the Abu Dhabi royal family [1]. This indicates a clear alignment between the UAE’s national interests and the expansion of its Bitcoin mining capabilities. The move highlights the UAE’s growing presence in the global Bitcoin ecosystem and its shift toward leveraging blockchain technology for long-term financial strategy.

The UAE’s increasing engagement with digital assets extends beyond mining. RAKBANK, one of the country’s largest financial institutions, has recently launched in-app cryptocurrency trading, offering retail customers the ability to trade Binance Coin (BNB) and seven other digital assets [2]. This initiative, confirmed by Binance founder Changpeng Zhao, represents a significant step toward mainstream adoption of cryptocurrencies within the UAE’s financial sector. The move aligns with broader trends in the region, where digital assets are increasingly integrated into traditional financial systems.

In addition to banking advancements, the UAE has also expanded cryptocurrency payment options beyond finance. Several UAE airlines have begun allowing passengers to pay for flights using cryptocurrencies such as Bitcoin, Ether, and Tether. This development reflects a broader effort to normalize crypto usage in everyday transactions and further cements the UAE’s position as a crypto-friendly jurisdiction [2].

The UAE’s dual approach—combining state-backed mining operations with institutional and consumer-level adoption—signals a strategic and diversified strategy for incorporating digital assets into its national economic framework. These actions suggest a long-term vision that supports not only the UAE’s energy transition but also its aspirations to lead in the global fintech and blockchain sectors.

The continued investment in Bitcoin and the development of crypto infrastructure by the UAE position it as a key player in the evolving global cryptocurrency landscape. As more institutions and consumers adopt digital assets, the UAE’s approach may influence regional and international trends in blockchain adoption and crypto policy.

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] UAE's RAKBANK Opens Crypto Trading With Binance Coin (https://thedefiant.io/news/tradfi-and-fintech/uaes-rakbank-opens-crypto-trading-binance-coin-1a13e155)