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đŚđŞ Big Move from the UAE: $740M in #Bitcoin Reserves Revealed!đ¤Żđ˛đą
According to new data from blockchain intelligence firm Arkham, the United Arab Emirates government is sitting on around 6,300 BTC â valued at nearly $740 million. Unlike most sovereign holders who buy directly from the market, these Bitcoin reserves were built through Citadel Miningâs operations.
Citadel, majority-owned by the UAEâs 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 Dhabiâs royal family, oversees the Royal Groupâs 61% stake in IHC.
Meanwhile, Arkhamâs 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 â valued at nearly $740 million. Unlike most sovereign holders who buy directly from the market, these Bitcoin reserves were built through Citadel Miningâs operations.
Citadel, majority-owned by the UAEâs 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 Dhabiâs royal family, oversees the Royal Groupâs 61% stake in IHC.
Meanwhile, Arkhamâs 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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