Arkham: The BTC holdings address worth $740 million in the UAE has been marked, primarily derived from mining by the mining company Citadel.

On August 25, the on-chain data monitoring platform Arkham posted on social media that relevant addresses in the United Arab Emirates have now been marked by the Arkham platform. The United Arab Emirates' $700 million Bitcoin holdings have now been annotated on the Arkham platform. Arkham stated that the UAE is the fourth largest government entity holding Bitcoin on the platform, with total BTC holdings valued at nearly $740 million. Unlike the United States and the United Kingdom, the Bitcoin in the UAE does not come from police asset seizures but is generated through a mining business in partnership with Citadel. To date, approximately 9,300 BTC have been mined, and they still hold at least about 6,300 BTC. 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 Sheikh Tahnoon bin Zayed Al Nahyan of the Abu Dhabi royal family. Through cooperation with Phoenix Group (a UAE-listed mining company) and government-owned IHC, Citadel built an 80,000 square meter Bitcoin mining farm on Al Reem Island in Abu Dhabi in six months in 2022. Satellite delay images from the construction of the mining farm corroborate the timeline of on-chain mining activities. On-chain transactions between Phoenix Group and Citadel also match the amounts disclosed by officials. Phoenix Group has also been annotated on the Arkham platform, with its BTC holdings valued at $3.2 million.