Arkham Intelligence’s blockchain analytics platform estimates that the United Arab Emirates holds $700 million worth of Bitcoin. The majority was acquired through mining.
Arkham said The X Post on Monday revealed that they were the first ones to identify and publicly disclose the UAE Government’s wallet addresses, which 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
Bitcoin holdings have been reported to be far lower than previously rumored. The speculation frequently placed the UAE’s holdings Around 420,000 Bitcoins worth $46 billion were collected through criminal seizure, making the UAE the biggest nation state Bitcoin owner in the world.
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 estimated that, through Citadel mining, the UAE had mined 9300 Bitcoins.
Citadel Mining’s 85% ownership is held by 2pointzero. This is an IHC company, a subsidiary of the UAE Royal Group. Sheikh Tahnoon Al Nahyan is the Abu Dhabi royal family.
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.
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 vaultsThe total value of this product is $56 billion, which represents 2.4% of total supply.
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’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
