United Arab Emirates has built a $700 million Bitcoin reserve through state-linked mining operations, according to blockchain analytics firm Arkham Intelligence.
Arkham reports that wallets controlled by the UAE government hold roughly 6,300 BTC, valued at about $700 million at current prices. The holdings come primarily from industrial-scale mining rather than purchases or asset seizures.
The mining is carried out by Citadel Mining, a public company largely owned by the UAE-backed International Holding Company (IHC), itself linked to the UAE Royal Group.
Arkham’s research estimates the UAE has mined a total of around 9,300 BTC, with the remainder held in associated entities like Phoenix Group. This makes the UAE one of the largest publicly identified government Bitcoin holders, ranking near sixth globally.
Unlike countries such as the United States or United Kingdom, whose Bitcoin reserves come mostly from law enforcement seizures, the UAE’s stockpile is a product of active production via mining operations.
Satellite imagery combined with blockchain data shows Citadel’s mining facility in Abu Dhabi was built in 2022 in partnership with Phoenix Group. Analysts say this reflects the UAE’s strategy to diversify its economy and invest in blockchain infrastructure and digital finance.
While the dollar value of the Bitcoin reserve will change with market prices, the UAE’s approach demonstrates a unique, production-based path to building a sovereign crypto reserve rather than relying on market purchases.
This move highlights the increasing role of governments in the cryptocurrency ecosystem and shows how state actors are taking an active part in digital asset production.
