UAE Bitcoin Cache of $700M Mined by Citadel Mining
Arkham Intelligence reports that UAE Bitcoin-linked wallets hold around 6,300 BTC (~$700 million), mined through Citadel Mining’s Abu Dhabi operation launched in 2022 with Phoenix Group and IHC. On-chain data and satellite imagery confirm the Citadel Mining facility’s output. While Citadel’s total Bitcoin mining reaches about 9,300 BTC, only 6,300 BTC remain in UAE Bitcoin wallets tied to the government. Citadel Mining is 85% owned by 2pointzero, which is controlled by IHC and partly by Royal Group under Sheikh Tahnoon bin Zayed Al Nahyan.
Neutral
The revelation that the UAE government-linked wallets hold 6,300 BTC mined by Citadel Mining is unlikely to trigger immediate market movements, as there is no indication of selling pressure. Similar disclosures of large institutional or state-held Bitcoin reserves, such as public companies or mining firms, have traditionally had a neutral impact unless tied to asset liquidation. Short-term, traders may note increased mining capacity in the UAE but await any signs of distribution. Long-term, the news underscores growing sovereign interest in Bitcoin mining and may bolster confidence in the sector’s expansion, yet without sell orders, market stability remains intact.