Overview

• The blockchain intelligence firm identified a cluster of Bitcoin addresses on August 25 and labeled them as UAE-linked on its platform.
• Arkham reports the holdings came from mining operations run by Citadel Mining, described as majority-owned through UAE Royal Group via IHC.
• The attribution relies on matching observed mining flows with a facility built in 2022 on Abu Dhabi’s Al Reem Island visible in satellite imagery.
• Arkham estimates the operation produced about 9,300 BTC to date, with at least 6,300 BTC still held rather than sold.
• Based on Arkham’s data, the UAE would rank fourth among government Bitcoin holders, while external trackers say twelve governments hold roughly 526,353 BTC in total.