UAE controls 6,450 Bitcoin from state-backed mining
Crypto Briefing
The UAE, through state-backed Citadel Mining, controls approximately 6,450 Bitcoin acquired via mining operations.Summary
The United Arab Emirates (UAE) has emerged as a significant sovereign holder of Bitcoin, controlling about 6,450 BTC, according to data from Arkham Intelligence. These digital assets were accumulated through Citadel Mining, a company majority-owned by the UAE’s International Holding Company, which acquired the Bitcoin through mining rather than open market purchases. Citadel Mining operates a large facility in Abu Dhabi established in 2022. The holdings, previously valued around $700 million, are now estimated to be worth roughly $590 million due to Bitcoin's volatility. This state-sponsored mining effort positions the UAE as the fourth-largest sovereign holder of the cryptocurrency.
(Source：Crypto Briefing)