According to ChainCatcher, Arkham announced on social media that relevant addresses in the United Arab Emirates have now been marked.
The UAE's Bitcoin holdings valued at 700 million dollars have now been tagged on the platform. These holdings originate from Citadel's Bitcoin mining operations—this publicly listed mining company is controlled by the UAE Royal Group through the International Holding Company (IHC).
Arkham states that the UAE is the fourth largest government entity holding Bitcoin on the platform, with a total BTC holding value of nearly 740 million dollars. Unlike the United States and the United Kingdom, the Bitcoin in the UAE does not come from police asset seizures but is generated through mining operations in collaboration with Citadel. So far, approximately 9,300 BTC have been mined, and at least about 6,300 BTC are still held.
Citadel is 85% owned by 2pointzero, which is 100% owned by IHC. Approximately 61% of IHC's shares are held by the UAE Royal Group, which is controlled by Abu Dhabi royal family member Sheikh Tahnoun bin Zayed Al Nahyan.
By collaborating with Phoenix Group (a publicly listed mining company in the UAE) and the government-owned IHC, Citadel built a 80,000 square meter Bitcoin mining facility on Al Reem Island in Abu Dhabi in just six months in 2022. Satellite imagery from the construction of the facility corroborates the timeline of on-chain mining activities. The on-chain transactions between Phoenix Group and Citadel also match the amounts disclosed officially. Phoenix Group has also been tagged on the platform, with its BTC holdings valued at 3.2 million dollars.
