Arkham: Identified $740 Million Worth of BTC Holdings in the UAE, Primarily Mined by Citadel

According to a report by Jinse Finance, on-chain data monitoring platform Arkham announced on social media that the United Arab Emirates' Bitcoin holdings, valued at $700 million, have now been labeled on the Arkham platform. Arkham stated that the UAE is the fourth largest government entity holding Bitcoin on the platform, with total BTC holdings worth nearly $740 million. Unlike the United States and the United Kingdom, the UAE's Bitcoin was not acquired through police asset seizures, but rather generated through mining operations in partnership with Citadel. To date, approximately 9,300 BTC have been mined, with at least about 6,300 BTC still held. Citadel is 85% owned by 2pointzero, which in turn is 100% owned by IHC. Around 61% of IHC's shares are held by the UAE Royal Group, which is controlled by Sheikh Tahnoon bin Zayed Al Nahyan, a member of the Abu Dhabi royal family.