A recent study reveals that the United Arab Emirates (UAE) holds 6,300 bitcoins, mined through the operations of Citadel Mining. This news reshapes the understanding of the UAE's position in the cryptocurrency market.
How the UAE Mines Bitcoin
According to Arkham, the UAE’s bitcoins come from activities run by Citadel Mining, backed by the International Holding Company (IHC). The data was confirmed by cross-checking on-chain data with the timelines of Citadel’s mining facilities launched in 2022.
Comparison with Other Countries
There had been speculation that the UAE might control as much as 420,000 bitcoins. However, new research shows the figure to be 6,300 bitcoins, placing the UAE sixth globally, between Bhutan and El Salvador. In comparison, BitBo estimates that governments worldwide hold about 517,000 bitcoins.
Trends in Bitcoin Accumulation
The UAE’s entry into the top ten underscores how governments are exploring various paths to accumulate cryptocurrency. Strategies range from mining infrastructure to direct purchases and seizures. Sovereign and institutional accumulation is becoming a significant force in the market.
The UAE's bitcoin holdings open new possibilities for understanding the pathways governments choose to engage in the cryptocurrency realm. As the UAE's experience demonstrates, creating local mining infrastructure can be an effective way to secure digital asset accumulation.
