A recent analysis by Arkham Intelligence has debunked previous rumors and revealed that the United Arab Emirates holds about $700 million in Bitcoin, accumulated primarily through mining operations. The blockchain analytics firm identified the UAE government’s wallets, which contain approximately 6,300 BTC. This makes the UAE the sixth-largest nation-state holder of Bitcoin, placing it behind Bhutan and ahead of El Salvador.
Unlike countries like the US and the UK, which obtained their Bitcoin from criminal seizures, the UAE’s holdings stem from the government-owned conglomerate International Holding Company (IHC) and its majority-owned subsidiary, Citadel Mining. In partnership with Phoenix Group, Citadel Mining established a Bitcoin mining facility in Abu Dhabi in 2022. Arkham’s findings, which include on-chain data and satellite imagery, corroborate official reports and estimate that Citadel has mined a total of 9,300 BTC.
The report clarifies that the UAE’s holdings are far less than the rumored 420,000 BTC. The US remains the top nation-state holder with 198,012 BTC, followed by China and the UK. While sovereign vaults hold a total of 517,000 BTC, Satoshi Nakamoto is believed to hold the largest individual stash, and Michael Saylor’s company, Strategy, remains the largest corporate holder.
August 2025, Cryptoniteuae
