Arkham: UAE Owns $700M in Bitcoin, Mostly From Citadel Mining
The UAE holds about 6,300 BTC (~$700M), mostly mined domestically via Citadel Mining, rather than seized from criminals, according to Arkham Intelligence. This figure dispels rumors of a 420,000 BTC hoard ($46B). Citadel Mining, launched in 2022 in Abu Dhabi, is majority-owned by the International Holding Company (IHC), part of the UAE Royal Group chaired by Sheikh Tahnoon bin Zayed Al Nahyan. Arkham estimates Citadel has mined 9,300 BTC total, though not all remains in government-linked wallets. With this stash, the UAE ranks as the sixth-largest sovereign Bitcoin holder, behind Bhutan but ahead of El Salvador. Globally, governments now control 517,000 BTC (~2.4% of supply, worth $56B), led by the U.S., China, and the U.K.