The United Arab Emirates (UAE) holds nearly $ 700 million in Bitcoin, which has been more accumulated from mining operations, according to the Blockchain Analytics platform Arkham Intelligence.
Arkham Says In an X post on Monday it became one of the first public to identify the UAE government’s wallets, finding that their purse addresses were holding about 6,300 Bitcoin (Btc).
Bitcoin is mined by Citadel Mining, which is a majority owned by the UAE government-owned conglomery, the International Holding Company (IHC).
“Unlike the US and the UK, UAE holders do not come from police asset seizures but from mining operations with Citadel mining,” Arkham said.
Reported Bitcoin handles are less than what was previously heard. Haka -haka UAE holders often placed Around 420,000 Bitcoin collected from resources such as criminal seizures, worth $ 46 billion, which will make Emirates the largest owner of the country’s Bitcoin-held worldwide.
UAE Mining Firm connected to Royal Family
Arkham said in conjunction with Phoenix Group, a public UAE mining company, and the IHC, Citadel built a Bitcoin mining facility in Abu Dhabi in 2022.
“We were able to corroborate the onchain mining activity timeline with a satellite satellite image of the facility’s construction time,” the company said.
“On-chain transactions between Phoenix and Citadel also match the values revealed in the official reports.”
In total, Arkham estimated that through Citadel, the UAE had a mine of a total of 9,300 Bitcoin.
Citadel Mining is an 85% owned by 2pointzero, owned by the IHC, of which the UAE Royal Group, a conglomery owned by Sheikh Tahnoon Bin Zayed Al Nahyan, Abu Dhabi’s royal family, has a 61% stake in.
How is the UAE placed up to other countries
With its newly reported handling, the UAE will have the sixth largest Bitcoin stash in all countries, Behind Bhutan with 11,286 and lead El Salvador with 6,246, According to This is a bitbox.
The US is still the largest owner of Bitcoin state state, with 198,012, Made the most from criminal seizures. Second is China with 194,000, most of which came from its 2019 crackdown in Plustoken scam. The UK is third with 61,245 Bitcoin.
Bitbo estimates 517,000 Bitcoin will be held Sovereign Vaultrepresenting about 2.4% of the total supply, with a total amount of more than $ 56 billion.
Related: Abu Dhabi Institutional Guks Team Up for Dirham Stablecoin
However, the pseudonymous creator of Bitcoin Satoshi Nakamoto, believed to hold 1.096 million bitcoin in full thousand purses, According to To Arkham, who gives them the biggest stash, while Michael Saylor’s approach, approach, is the biggest Holds corporation with a ark of 629, 376 Bitcoin, or 2.9% of Total supply, and still grow.
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