The United Arab Emirates (UAE) has emerged as a significant player in the global Bitcoin market, owning approximately $700 million worth of cryptocurrency. Unlike many nations which accumulated Bitcoin through seizures, the UAE’s holdings are derived from operations run by Citadel Mining, a company backed by the Abu Dhabi-based International Holding Company (IHC). Arkham Research confirmed this activity by cross-checking on-chain data with construction timelines of Citadel’s mining facilities, launched in 2022 alongside the Phoenix Group. The firm estimates that Citadel has mined approximately 9,300 BTC – a substantial portion of which is being held within state-linked wallets.