The United Arab Emirates now ranks among the world’s top government Bitcoin holders, securing $700 million in BTC through a state-backed mining initiative rather than market buys or seizures.
On Monday, blockchain intelligence firm Arkham revealed a cluster of Bitcoin wallets tied to the UAE government. Together, these wallets hold about $700 million worth of BTC. This substantial reserve marks the nation’s official entry into the ranks of state Bitcoin holders.
Mining, Not Buying: A Strategic Choice
While most governments gained Bitcoin by seizing it during investigations, the Emirates generated its stash through mining. This approach highlights a deliberate, organic path to building digital reserves.
According to Arkham, the mined Bitcoin was sourced from Citadel, a firm overseen by a conglomerate connected to the Abu Dhabi royal family. Unlike speculative acquisitions, this strategy built a reserve base from scratch, shielding the state from the price swings of open-market buys.
Investigators connected the mined Bitcoin to a facility on Al Reem Island, which was completed in just six months in 2022. Arkham confirmed its findings by cross-referencing on-chain mining activity with satellite images of the site.
The mining center has already produced approximately 9,300 BTC since going operational. Of this amount, the UAE continues to hold at least 6,300 BTC. By keeping most of its mined Bitcoin, the UAE demonstrates that it views crypto reserves as a form of strategic asset, similar to gold or foreign currency reserves.
Where the UAE Stands in Global Bitcoin Rankings
The UAE is now one of the top six governments worldwide in terms of Bitcoin holdings. It follows the United States, China, the United Kingdom, Ukraine, and Bhutan. At the same time, it has already surpassed El Salvador, despite the latter’s much-publicized adoption of Bitcoin as legal tender.
Meanwhile, the difference in scale is striking. The United States leads with 198,012 BTC, equal to $21.83 billion at current prices. China follows with 194,000 BTC, worth $21.38 billion. The United Kingdom has 61,245 BTC, valued at $6.75 billion. Ukraine holds 46,351 BTC, worth $5.11 billion, while Bhutan maintains 11,286 BTC, worth $1.24 billion.
While El Salvador has attracted significant media attention for its Bitcoin strategy, its actual holdings remain smaller than those of the UAE. El Salvador holds 6,246 BTC, worth $688.48 million.
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