UAE reportedly holds $700M in mined Bitcoin: Arkham

The United Arab Emirates (UAE) holds astir $700 cardinal successful Bitcoin, which has been mostly accumulated from mining operations, according to the blockchain analytics level Arkham Intelligence.

Arkham said successful an X station connected Monday that it has go 1 of the archetypal to publically place the UAE government’s wallets, uncovering that their wallet addresses clasp astir 6,300 Bitcoin (BTC). 

The Bitcoin was mined done Citadel Mining, which is bulk owned by the UAE government-owned conglomerate, the International Holding Company (IHC).

“Unlike the US and UK, the UAE’s holdings bash not travel from constabulary plus seizures but from mining operations with Citadel Mining,” Arkham said.

Source: Arkham

The reported Bitcoin holdings are acold little than what was erstwhile rumored. Speculation frequently placed the UAE’s holdings astatine astir 420,000 Bitcoin collected from sources specified arsenic transgression seizures, worthy $46 billion, which would person made the Emirates the largest nation-state Bitcoin holder successful the world.

UAE mining steadfast connected to royal family

Arkham said successful conjunction with Phoenix Group, a nationalist UAE mining company, and the IHC, Citadel built a Bitcoin mining facility successful Abu Dhabi successful 2022.

Source: Arkham

“We were capable to corroborate the timeline of onchain mining enactment with time-lapse outer imagery of installation construction,” the steadfast said.

“On-chain transactions betwixt Phoenix and Citadel besides lucifer amounts disclosed successful authoritative reports.”

In total, Arkham estimates that done Citadel, the UAE has mined a full of 9,300 Bitcoin.

Citadel Mining is 85% owned by 2pointzero, which is owned by the IHC, which the UAE Royal Group, a conglomerate owned by Sheikh Tahnoon bin Zayed Al Nahyan, of Abu Dhabi’s royal family, has a 61% involvement in.

How does the UAE stack up to different countries

With its recently reported holdings, the UAE would person the sixth-largest Bitcoin stash retired of each countries, behind Bhutan with 11,286 and up of El Salvador with 6,246, according to BitBo. 

The US is inactive the largest nation-state holder of Bitcoin, with 198,012, made mostly from transgression seizures. China is 2nd with 194,000, astir of which came from its 2019 crackdown connected the PlusToken scam. The UK is 3rd with 61,245 Bitcoin.

The US, China and the UK are the apical countries holding Bitcoin, with the UAE coming successful sixth based connected its precocious disclosed holdings. Source: BitBo

BitBo estimates 517,000 Bitcoin are held successful sovereign vaults, representing astir 2.4% of the full supply, with a full worthy of implicit $56 billion.

Related: Abu Dhabi organization giants squad up for dirham stablecoin

However, Bitcoin’s pseudonymous creator, Satoshi Nakamoto, is believed to clasp 1.096 cardinal Bitcoin crossed thousands of wallets, according to Arkham, giving them the largest stash, portion Michael Saylor’s company, Strategy, is the largest firm holder with a treasury of 629, 376 Bitcoin, oregon 2.9% of the total supply, and is inactive growing. 

Magazine: Bitcoin’s semipermanent information fund problem: Impending situation oregon FUD?