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:
Bitcoins reported are much less than was previously 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 Bitcoins from various sources including criminal seizures, worth $46 billion.
UAE Mining Firm Linked to Royal Family
Citadel was built by Arkham in collaboration with Phoenix Group – a publicly traded UAE mining 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 (Owned by Abu Dhabi royal family member Sheikh Tahnoon Al Nahyan).
What is the UAE like compared 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 came in second, with 194,000. Most of them were a result of its crackdown that began this year on the PlusToken scam. Third place is the UK with 61 245 Bitcoin.
BitBo estimated 517,000 Bitcoins are held by BitBo sovereign vaultsIt is worth over $56 Billion.
Related: Abu Dhabi institutional giants team up for dirham stablecoin
Satoshi is the creator of Bitcoin, but he uses a pseudonym. Nakamoto, is believed The total number of Bitcoin wallets is 1.096 millions. according Arkham’s stash is largest, and Michael Saylor’s Strategy company has the second-largest. largest Corporate holder of 629 376 Bitcoins, or 2.9%, of the total. total supply, and is still growing.
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Source: cointelegraph.com
