The United Arab Emirates has drawn attention with its $740 million Bitcoin reserves acquired entirely through mining operations.
According to blockchain analytics firm Arkham, the UAE government holds around 6,300 BTC via state-owned Citadel Mining, making it the fourth-largest government Bitcoin holder worldwide. Unlike the U.S. and the U.K., which obtained most of their Bitcoin through law enforcement seizures, the UAE’s reserves stem entirely from mining activities.
At the heart of these reserves lies a massive mining investment: in 2022, Citadel Mining partnered with Phoenix Group to build an 80,000-square-meter Bitcoin mining facility in Abu Dhabi’s Al Reem Island. Completed in just six months, the site is one of the largest crypto mining operations in the region. To date, Citadel Mining has mined a total of 9,300 BTC, with 6,300 BTC still under government control.
Analysts note that the UAE’s direct accumulation of Bitcoin via mining reflects a long-term and sustainable strategy in its crypto policy. This approach signals the emergence of a new model for how governments may acquire Bitcoin in the future.
