Key facts
- Arkham said Citadel's Bitcoin came from mining output, not purchases on crypto exchanges.
- Arkham said the UAE had about $700 million in mined Bitcoin, with about 9,300 BTC mined and 6,300 BTC retained at the time of its investigation.
- Arkham attributed Citadel's mining to an 80,000 square meter facility on Al Reem in Abu Dhabi, built over six months in 2022 with Phoenix Group and IHC.
- Arkham's ownership data shows 2pointzero holding about 85% of Citadel, IHC owning 100% of 2pointzero and UAE Royal Group holding 61% of IHC.
- Arkham linked UAE Royal Group to Sheikh Tahoon bin Zayed Al Nahyan, a member of Abu Dhabi's royal family.
Citadel, a Bitcoin mining company linked to Abu Dhabi's royal family, held about $532 million in Bitcoin, analytics firm Arkham said in a report published on November 13, 2026. Arkham said the coins came from Citadel's own mining output rather than purchases on cryptocurrency exchanges.
Arkham said it first identified Bitcoin addresses connected to the UAE in August 2025. It said it matched on-chain mining wallets against time-lapse satellite imagery of the Al Reem Island facility and Citadel's transfers with Phoenix Group against official reports. In a post on November 12, 2026, Arkham said Citadel was still mining Bitcoin and held $532M in the coin.
According to Arkham, the UAE had about $700 million in mined Bitcoin. The firm said about 9,300 BTC had been mined and 6,300 BTC retained at the time of its investigation. It attributed Citadel's mining to a facility on 80,000 square meters on Al Reem in Abu Dhabi, which it said took six months to develop with Phoenix Group and IHC in 2022.
Arkham's ownership data shows 2pointzero holding about 85% of Citadel, IHC owning 100% of 2pointzero and UAE Royal Group holding a 61% stake in IHC. Arkham linked UAE Royal Group to Sheikh Tahoon bin Zayed Al Nahyan, a member of Abu Dhabi's royal family.
Because the $532 million figure is the dollar value of a Bitcoin reserve, price moves change it without Citadel selling or moving any coins, the report said.