The United Arab Emirates has emerged as one of the largest nation-state holders of Bitcoin, with about 6,300 BTC worth between $700 million and $740 million, according to blockchain analytics firm Arkham Intelligence.
Unlike other governments whose Bitcoin came from criminal seizures, the UAE accumulated its holdings through direct mining operations.
Arkham traced the Bitcoin to Citadel Mining, a company majority-owned by Abu Dhabi’s Royal Group through the International Holding Company (IHC).
Citadel began mining in 2022 alongside Phoenix Group, building one of the region’s most advanced facilities in Abu Dhabi.
The firm is estimated to have mined 9,300 BTC in total, with around 6,300 BTC still held in wallets linked to government-backed entities.
The remainder is believed to have been sold or reinvested into infrastructure.
Arkham said in its statement,
“Unlike the US and UK, the UAE’s holdings do not come from police asset seizures but from mining operations with Citadel Mining.”
The company added it confirmed the mining activity using both on-chain data and satellite imagery of the Abu Dhabi site.
Citadel Mining is 85% controlled by 2pointzero, a holding vehicle owned by IHC, which itself is partly owned by Abu Dhabi’s Royal Group.
The conglomerate is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, a prominent member of the ruling family.
This direct link places Bitcoin mining firmly within the Emirates’ state-backed industrial strategy.
BitBo data shows that the UAE’s confirmed holdings put it among the world’s top sovereign Bitcoin owners.
The United States leads with 198,012 BTC, followed by China with 194,000 and the United Kingdom with 61,245.
Bhutan holds 11,286, making the UAE’s 6,300 Bitcoin larger than El Salvador’s 6,246.
In total, around 517,000 BTC—roughly 2.4% of supply—is believed to sit in sovereign hands, valued at more than $56 billion.
Source: Bitbo
Alongside mined reserves, the UAE’s sovereign wealth fund has taken a position in traditional markets, committing $534 million to a Bitcoin exchange-traded fund.
The two-track approach reflects both the production of digital assets through mining and exposure to regulated investment products.
By leaning on energy resources, state capital and favourable regulation, the UAE has moved into the same league as early sovereign adopters such as Bhutan and El Salvador, but with the scale of Gulf financial backing behind it.
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