UAE’s holdings were previously speculated to be around 420,000 Bitcoin from sources such as criminal seizures. The new figures are far less impressive.
The United Arab Emirates (UAE) holds around $700 million in Bitcoin, which has been largely accumulated from mining operations, according to the blockchain analytics platform Arkham Intelligence.
Arkham said in an X post on Monday that it has become one of the first to publicly identify the UAE government’s wallets, finding that their wallet addresses hold about 6,300 Bitcoin (BTC).
The Bitcoin was mined through Citadel Mining, which is majority owned by the UAE government-owned conglomerate, the International Holding Company (IHC).
