On-chain analytics firm Arkham said a cluster of wallets it associates with UAE government-linked mining activity now holds roughly 6,782–6,786 BTC, valued at about $450–$455 million at recent prices, with most of the coins apparently retained rather than sold.
Wallets Show Steady Inflows and Limited Outflows
Arkham’s tagging ties the accumulation to United Arab Emirates mining operations connected with Citadel Mining, with recent inflows indicating ongoing production. Over the past week to ten days, the UAE government wallets received around 4.2 BTC per day, with transfers traced to the Foundry pool in Arkham’s tracking.
The same dataset shows little recent distribution: the last notable outflow from the labeled wallet set was roughly four months ago, suggesting the holdings are being treated as a longer-term balance rather than actively managed inventory.
Arkham Estimates $344M In Unrealized Profit
Based on the reported cost basis of the mined coins relative to current market levels, Arkham estimated state-linked holdings of roughly $344 million in unrealized gains. The estimate does not include electricity and operating costs, meaning it is not a full profitability calculation for the mining program.
How The UAE Position Fits Into Sovereign Bitcoin Tracking
Sovereign Bitcoin balances are difficult to measure because governments and state-linked entities can hold across multiple wallets and custodians, and not all addresses are publicly known. Public trackers used by market participants typically show the largest government-linked holdings attributed to the United States, China, and the United Kingdom, with much of those balances associated with seizures rather than mining.
