Blockchain analytics firm Arkham Intelligence has identified that wallets linked to the United Arab Emirates government hold approximately 6,300 Bitcoin, valued at roughly $700 million at current prices. Unlike the Bitcoin reserves of the U.S., U.K., or China—which originate from law enforcement seizures—the UAE's stash comes almost entirely from industrial-scale mining.
Mined, Not Seized
Arkham's on-chain investigation traces the holdings back to Citadel Mining, a publicly listed mining company majority-owned by International Holding Company (IHC), a conglomerate tied to the UAE Royal Group. Satellite imagery corroborated with wallet data shows Citadel's Abu Dhabi facility, built in 2022 in partnership with Phoenix Group.
The researchers estimate that the UAE has mined a total of roughly 9,300 BTC, of which about 6,300 BTC remain in government-controlled wallets. The rest has been deployed or parked with associated entities such as Phoenix Group. This production-based approach sets the UAE apart: it neither accumulated Bitcoin through open-market purchases nor through asset forfeiture, but by operating its own mining hardware.
Sixth-Largest Sovereign Holder
If recognized sovereign Bitcoin holdings are ranked, the UAE would place near sixth globally. Known top holders include the U.S. (roughly 200K BTC from Silk Road and other cases), China (194K BTC from the PlusToken seizure), Ukraine (donations), El Salvador (public purchases), and the U.K. (seizures). The UAE is the only one among them that built its reserve primarily through mining.
Arkham notes that the strategy aligns with the oil-rich nation's broader push into digital finance and blockchain infrastructure. While the dollar value of the holdings will fluctuate with Bitcoin's price, the data highlights a novel sovereign entry route into crypto: not buying, not seizing, but mining.