New data compiled by Finbold research has revealed that the United Arab Emirates has accumulated more than US$719 million worth of Bitcoin, making it the fourth largest government-linked BTC holder in the world.
The holdings, identified on blockchain intelligence platform Arkham, are tied to Citadel Mining, a public mining company majority owned by Abu Dhabi’s Royal Group through International Holding Company (IHC). Unlike the United States and United Kingdom, whose Bitcoin holdings derive largely from law enforcement seizures, the UAE’s reserves originate directly from large-scale mining operations.
As of August 26, 2025, Citadel Mining holds approximately 6,340 BTC, up from 5,930 BTC at the start of the year. In dollar terms, this represents a jump from US$549.5 million on January 1 to US$719.6 million, an increase of US$170.05 million (+31%) in less than eight months.
“This marks a fundamental shift in the nature of sovereign Bitcoin ownership,” said Chief Editor at Finbold Jordan Major. “Where Western governments have passively accumulated through seizures, the UAE is proactively mining Bitcoin as part of its economic diversification strategy. This sends a clear signal of intent: Bitcoin is no longer just a speculative asset, it’s becoming an instrument of state-backed wealth accumulation.”
The UAE’s mining footprint has expanded rapidly since 2022, when Citadel, alongside UAE-listed Phoenix Group, built an 80,000 square meter mining facility on Abu Dhabi’s Al Reem Island in just six months. Arkham’s on-chain records corroborate the reported timeline, with transfers between Phoenix and Citadel matching amounts disclosed in official reports. Phoenix itself holds around US$3.2 million in BTC, according to Arkham.
“Institutional and sovereign adoption of Bitcoin mining is one of the most overlooked forces driving supply shocks today,” added Finbold Head of Content Diana Paluteder. “Unlike exchange reserves, mined BTC is often held in deep custody, effectively removing liquidity from the market. The UAE’s $719 million position underscores how nation-states are beginning to shape Bitcoin’s long-term distribution.”
With nearly US$720 million in BTC reserves and continued mining expansion, the UAE has established itself as one of the most significant state players in the Bitcoin ecosystem, trailing only the US, Bhutan, and UK.
