The United Arab Emirates has mined approximately $453.6 million worth of Bitcoin through a partnership with Citadel, according to on-chain data cited by BlockBeats and sourced from Arkham Intelligence. Most of the mined BTC remains in custody, with no significant outflows recorded in the past four months.
Blockchain records indicate that the last notable movement of funds occurred roughly four months ago. Since then, the wallets associated with the operation have remained largely unchanged—pointing to a holding strategy rather than active distribution or liquidation.
At current market prices, the mined Bitcoin represents an estimated $344 million in profit, excluding energy costs. The figure reflects appreciation since the coins were mined and underscores the strength of the operation’s timing and scale.
Mining as a Strategic Position
The UAE’s collaboration with Citadel appears to be part of a broader effort to build long-term exposure to Bitcoin. Rather than flipping mined assets into the market, the data suggests a treasury-style approach—accumulating and holding.
This strategy aligns with how some sovereign investors treat gold reserves: as a hedge and long-duration store of value. By retaining the majority of mined BTC, the UAE is signaling confidence in long-term price appreciation rather than short-term gains.
Sovereign Bitcoin Exposure Tops $900 Million
Mining is only one part of the UAE’s growing Bitcoin footprint. As of February 2026, sovereign-related exposure to Bitcoin-linked assets exceeds $900 million, combining mining holdings and exchange-traded fund (ETF) positions.
In early 2025, Mubadala Investment Company disclosed approximately $437 million in exposure to BlackRock’s iShares Bitcoin Trust (IBIT). At the time, it was one of the largest publicly known state-backed allocations to a Bitcoin ETF.
Later in 2025, the Abu Dhabi Investment Council expanded its IBIT position, raising its holdings to nearly 8 million shares. The stake was valued at roughly $518 million at disclosure.
By February 2026, combined ETF exposure from UAE-linked entities surpassed 16 million IBIT shares, reflecting a steady build-up rather than a single high-profile allocation.
Holding Through Volatility
The UAE maintained its exposure during periods of market stress. In February 2026, the Crypto Fear & Greed Index fell to extreme fear levels near 9—a reading historically associated with sharp sell-offs and investor anxiety. Sovereign-linked holdings, however, remained intact.
In addition to ETFs and mining through Citadel, Abu Dhabi-affiliated entities have pursued partnerships involving ADQ and Marathon Digital Holdings. This structure gives the UAE both operational exposure through mining infrastructure and financial exposure through regulated investment vehicles.
The combination reduces reliance on a single channel of access. Mining operations provide direct asset accumulation, while ETF positions offer liquidity and regulatory clarity.
A Calculated Expansion
The UAE’s Bitcoin strategy began taking shape in late 2024 and accelerated through 2025. The current figures suggest a coordinated, multi-layered approach rather than isolated investments.
With $453.6 million in mined Bitcoin, an estimated $344 million in unrealized gains excluding energy costs, and more than $900 million in total sovereign-related exposure, the UAE now ranks among the most significant state-level participants in Bitcoin markets.
For global investors, the message is clear: sovereign adoption is no longer theoretical. The UAE is building its position methodically—mining, holding, and allocating through regulated instruments—while maintaining exposure even during periods of market fear.
That posture may prove decisive if Bitcoin’s long-term thesis continues to strengthen in the years ahead.
