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🇦🇪 Big Move from the UAE: $740M in #Bitcoin Reserves Revealed!🤯😲😱
According to new data from blockchain intelligence firm Arkham, the United Arab Emirates government is sitting on around 6,300 BTC — valued at nearly $740 million. Unlike most sovereign holders who buy directly from the market, these Bitcoin reserves were built through Citadel Mining’s operations.
Citadel, majority-owned by the UAE’s Royal Group (via International Holding Company), runs a massive 80,000 m² Bitcoin mining facility on Al Reem Island in Abu Dhabi, launched back in 2022. To date, Citadel has mined roughly 9,300 BTC, of which 6,300 remain in government-controlled wallets.
This makes the UAE the fourth-largest sovereign Bitcoin holder worldwide, joining the ranks of the US and UK. Sheikh Tahnoon bin Zayed Al Nahyan, a key member of Abu Dhabi’s royal family, oversees the Royal Group’s 61% stake in IHC.
Meanwhile, Arkham’s research also points to Phoenix Group, another UAE-based mining player, with around $3.2M in $BTC holdings.
#UAE #CryptoMining #BTC #InstitutionalAdoption
According to new data from blockchain intelligence firm Arkham, the United Arab Emirates government is sitting on around 6,300 BTC — valued at nearly $740 million. Unlike most sovereign holders who buy directly from the market, these Bitcoin reserves were built through Citadel Mining’s operations.
Citadel, majority-owned by the UAE’s Royal Group (via International Holding Company), runs a massive 80,000 m² Bitcoin mining facility on Al Reem Island in Abu Dhabi, launched back in 2022. To date, Citadel has mined roughly 9,300 BTC, of which 6,300 remain in government-controlled wallets.
This makes the UAE the fourth-largest sovereign Bitcoin holder worldwide, joining the ranks of the US and UK. Sheikh Tahnoon bin Zayed Al Nahyan, a key member of Abu Dhabi’s royal family, oversees the Royal Group’s 61% stake in IHC.
Meanwhile, Arkham’s research also points to Phoenix Group, another UAE-based mining player, with around $3.2M in $BTC holdings.
#UAE #CryptoMining #BTC #InstitutionalAdoption
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