According to Arkham Intelligence, the United Arab Emirates (UAE), holds approximately $700,000,000 in Bitcoin. This amount was accumulated primarily through mining operations.
Arkham said The X Post on Monday revealed that they were the first ones to identify and publicly disclose the UAE government wallet addresses, revealing that these wallet addresses held about 6,300 Bitcoin.BTC).
Citadel Mining was the company that mined the Bitcoins. It is owned in majority by International Holding Company, a conglomerate controlled by the UAE.
“Unlike the US and UK, the UAE’s holdings do not come from police asset seizures but from mining operations with Citadel Mining,” Arkham Asylum
Bitcoins reported are much less than was previously rumored. It’s all speculation frequently placed the UAE’s holdings Around 420,000 Bitcoins worth $46 billion were seized from criminal sources, making the UAE the largest nation-state Bitcoin owner in the world.
UAE mining company 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 estimated that, through Citadel mining, the UAE had mined 9300 Bitcoins.
Citadel Mining, owned by 2pointzero (a holding company), is 61% owned by UAE Royal Group. The UAE Royal Group is an Abu Dhabi-based conglomerate that is controlled by Sheikh Tahnoon Bin Zayed Al Nahyan.
What is the UAE like compared to other countries?
According to its new reported Bitcoin holdings, UAE is the sixth largest Bitcoin trove amongst all countries. behind Bhutan with 11,286 El Salvador, with 6,246, is the next highest country in terms of number. according BitBo.
With 198 012, the US remains the biggest nation-state Bitcoin holder. 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 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 To hold 1.096 Million Bitcoin in thousands of wallets according Arkham is home to the biggest stash of weapons, while Michael Saylor’s Strategy Company, the company with the most money, has the smallest. 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
