The UAE government holds an estimated 6,300 Bitcoins (valued around $740 million), as reported by blockchain analytics firm Arkham.
These holdings are maintained via Citadel Mining, a publicly listed mining entity under UAE control.
Arkham’s recent public designation identifies the UAE as the fourth-largest national Bitcoin holder on its platform. In contrast to reserves held by countries like the US and UK, the UAE’s Bitcoin originates solely from mining activities rather than asset confiscations.
To date, Citadel Mining has generated roughly 9,300 BTC through its partnership with Phoenix Group, retaining ownership of at least 6,300 BTC.
Citadel Mining’s ownership structure comprises:
In a six-month timeframe during 2022, Abu Dhabi’s Al Reem Island became home to an 80,000-square-meter Bitcoin mining facility. Arkham confirmed the site’s development using blockchain records and satellite verification. Additionally, transaction volumes between Citadel and Phoenix correspond to figures in official disclosures.
Phoenix Group, also tagged by Arkham, is currently managing Bitcoin assets worth about $3.2 million.
*This content is not investment advice.
Source: cryptonews.net
Your email address will not be published. Required fields are marked *