Blockchain analytics agency Arkham Intelligence says the United Arab Emirates has amassed roughly $700 million price of Bitcoin by state-linked mining operations.
Abstract
- Arkham Intelligence says UAE government-linked wallets include roughly 6,300 BTC price about $700 million.
- The holdings stem from industrial-scale mining by way of Citadel Mining, not seizures or open-market purchases.
- With an estimated 9,300 BTC mined in whole, the UAE ranks close to sixth globally amongst publicly recognized authorities Bitcoin holders.
UAE amasses $700M BTC warfare chest by way of state-linked miner
In keeping with Arkham’s on-chain analysis, wallets recognized as managed by the UAE authorities maintain round 6,300 Bitcoin (BTC), valued close to $700 million at present costs.
These holdings come up not from asset seizures or market purchases, however primarily from Bitcoin mined by way of Citadel Mining, a public mining firm majority-owned by the UAE-backed conglomerate Worldwide Holding Firm (IHC), itself linked to the UAE Royal Group.
Arkham notes that the UAE’s Bitcoin reserves make it one of many largest sovereign Bitcoin holders globally, doubtlessly rating close to sixth amongst nations based mostly on publicly recognized holdings.
In contrast to different governments whose Bitcoin treasuries stem largely from regulation enforcement seizures, comparable to the US and United Kingdom, the UAE’s stash is a product of industrial-scale mining operations.
Arkham researchers say the UAE has mined roughly 9,300 BTC in whole, of which roughly 6,300 BTC stay in government-linked wallets, with the remaining both deployed or held in related entities like Phoenix Group.
Satellite tv for pc imagery corroborated with on-chain information reveals Citadel’s mining facility in Abu Dhabi was inbuilt 2022 in partnership with Phoenix Group. Arkham’s report suggests this strategy aligns with broader diversification efforts by the oil-rich nation into digital finance and blockchain infrastructure.
Whereas the worth of the holdings will fluctuate with Bitcoin costs, the information highlights the UAE’s distinctive path into crypto: a production-based Bitcoin reserve quite than easy accumulation by market buys or seizures, spotlighting how sovereign actors are navigating and collaborating within the digital asset ecosystem.
