Overview

• Arkham publicly labeled a cluster of wallets holding about 6,300 BTC—roughly $700 million—as controlled by the United Arab Emirates.
• The coins are attributed to Citadel Mining’s output rather than purchases or seizures, with total production estimated near 9,300 BTC and at least 6,300 BTC still held.
• The attribution draws on on-chain flows involving Phoenix Group and imagery showing construction of a mining site on Al Reem Island in 2022.
• Corporate links tie Citadel to 2pointzero under International Holding Company, which is majority owned by the Royal Group led by Sheikh Tahnoon bin Zayed Al Nahyan.
• Industry trackers diverge on the UAE’s ranking—fourth or sixth among sovereign holders—while the disclosure undercuts rumors of a roughly 420,000 BTC stash.