The United Arab Emirates is emerging as one of the largest sovereign holders of Bitcoin, with 6,300 BTC valued at approximately $700 million.
Sources of UAE's Bitcoin Holdings
According to Arkham Intelligence, the UAE's Bitcoin holdings are derived from Citadel Mining, which is majority-owned by the UAE's International Holding Company (IHC). Citadel opened a large-scale mining facility in Abu Dhabi in 2022 in partnership with Phoenix Group.
Facts and Myths about Bitcoin Quantities
Rumors have circulated that the UAE holds as much as 420,000 BTC from global seizures. However, Arkham's findings show that the actual reserves are significantly smaller.
UAE's Ranking in Global Bitcoin Holdings
With its reported reserves, the UAE ranks sixth among sovereign Bitcoin holders, just behind Bhutan and slightly ahead of El Salvador. Currently, sovereign states hold around 517,000 BTC.
Thus, the United Arab Emirates has emerged as a significant player in the cryptocurrency market, holding substantial Bitcoin reserves acquired legally, which distinguishes it from many other countries.
