UAE Royal-Linked Mining Nets $344M BTC Profit: Arkham

• UAE-linked mining operations hold $453.6 million in bitcoin with $344 million in unrealized profit.
• The Royal Group retains most of its mined BTC and has not moved funds in four months.
• Sovereign bitcoin strategies differ, with Bhutan selling and the US holding seized assets.

The United Arab Emirates has accumulated approximately $344 million in unrealized bitcoin profit, excluding energy costs, according to new data from Arkham Intelligence. The holdings stem from mining operations linked to Abu Dhabi’s Royal Group.

Arkham reported that UAE-linked wallets currently hold $453.6 million worth of bitcoin. The mining activities have been producing a consistent amount of 4.2 BTC per day for the past week. According to on-chain data, the last recorded fund outflow was four months ago, indicating a long-term holding pattern.

Royal-Linked Mining Expansion

The UAE’s bitcoin mining initiative started in 2022 with Citadel Mining’s development of massive infrastructure on Al Reem Island. The initiative is closely linked to the royal family of Abu Dhabi and represents the group’s entry into industrial-scale crypto mining.

In 2023, Marathon Digital Holdings collaborated with Zero Two, a company based in Abu Dhabi, to develop 250 megawatts of immersion-cooled mining infrastructure in the UAE. This deployment was one of the largest industrial-scale cryptomining initiatives in the region.

Arkham’s initial estimate in August 2025 indicated that the UAE had mined approximately 9,300 BTC. At this point, bitcoin prices were higher, and the assets were valued at almost $700 million. The current update reflects changes in these values based on market price actions and improved wallet identification.

The data now shows that the UAE Royal Group holds about 6,782 BTC, which equals roughly 0.03% of bitcoin’s total supply. The Gulf state continues to retain most of its self-mined assets rather than liquidating into the market.

Bhutan Takes a Different Path

The UAE is not the only sovereign mining bitcoin. Bhutan’s Royal Government began mining in 2019 through Druk Holding & Investments, leveraging hydroelectric power.

At its peak, Bhutan accumulated over 13,000 BTC. However, the country has shifted strategy. Since early 2026, Bhutan has sold bitcoin for three consecutive weeks, totaling approximately $29 million. Over the past five months, it has liquidated more than $100 million worth of BTC and reduced its holdings by over half. Arkham now values Bhutan’s remaining 5,600 BTC at around $375 million.

You can monitor real-time sovereign wallet activity through Arkham Intelligence and track Bitcoin’s circulating supply data on CoinMarketCap.

The US and UK Lead in Holdings

In contrast to the UAE and Bhutan, the US and UK have accumulated their bitcoin holdings largely through seizures of seized assets. Arkham lists the US government as the biggest sovereign bitcoin holder with 328,000 BTC worth approximately $22 billion. These were seized from cases involving the Bitfinex hack, Silk Road, and other enforcement activities.

The UK government holds approximately 61,000 BTC worth around $4 billion. Law enforcement gained access to these funds after a 2018 seizure linked to a money laundering case.

Ukraine has also received over $22 million in bitcoin donations since the Russian-Ukrainian conflict began. Germany previously seized 50,000 BTC in 2024 and later sold the entire position.

Sovereign bitcoin policies have become increasingly diverse. Some sovereigns mine and hold. Others seize and sell. The UAE’s policy represents a commitment to the value of bitcoin, while the Bhutanese sales represent a shift in portfolio. As the world becomes increasingly adopted, sovereign policies will continue to influence the market.

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