Arkham Intelligence’s blockchain analytics platform estimates that the United Arab Emirates holds $700 million worth of Bitcoin. The majority came from mining activities.
Arkham said In an X-post on Monday, it became the first public identification of wallet addresses for the UAE Government. It found that the wallet addresses contain about 6,300 bitcoin (BTC).
Citadel Mining is a majority-owned company by the UAE’s government conglomerate International Holding Company.
“Unlike the US and UK, the UAE’s holdings do not come from police asset seizures but from mining operations with Citadel Mining,” Arkham assass:
Reports of Bitcoin holdings were far lower than rumored. The speculation frequently placed the UAE’s holdings The UAE would be the biggest Bitcoin nation state in the world if they had collected 420,000 Bitcoin through criminal seizure and other sources.
UAE Mining Firm Linked to Royal Family
Citadel, Arkham’s mining subsidiary, was constructed in partnership with Phoenix Group – a publicly traded UAE company – and IHC. Bitcoin mining facility Abu Dhabi, 2022
“We were able to corroborate the timeline of onchain mining activity with time-lapse satellite imagery of facility construction,” “The firm” said.
“On-chain transactions between Phoenix and Citadel also match amounts disclosed in official reports.”
Arkham calculates that the UAE mined 9,300 Bitcoin through Citadel.
Citadel Mining’s holding company 2pointzero is 85% owned, and is in turn owned by IHC. IHC is a part of the UAE Royal Group (an Abu Dhabi royal conglomerate) which has 61% ownership.
Compare the UAE to other countries
The UAE now has the 6th largest Bitcoin stockpile among all nations. behind Bhutan with 11,286 El Salvador is in second place with 6,246, according BitBo.
Bitcoin is the most popular currency in the United States, and it has 198,012 bitcoins. made mostly from criminal seizures. China comes in second place with 194,000. The majority of these were from the 2019 crackdown against the PlusToken scam. Third place is the UK with 61 245 Bitcoin.
BitBo says that 517,000 Bitcoins have been held. sovereign vaultsIt is worth over $56 Billion.
Related: Abu Dhabi institutional giants team up for dirham stablecoin
Satoshi, the pseudonymous Bitcoin creator, is still around. Nakamoto, is believed To hold 1.096 Million Bitcoin in thousands of wallets according Arkham’s stash is largest, and Michael Saylor’s Strategy company has the second-largest. largest A corporate owner with 629 376 Bitcoins or 2.9% in the treasury. total supply, and is still growing.
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Source: cointelegraph.com
