UAE holds $740M in BTC, ranks 4th among nations

An address confirmed to be owned by the government of the United Arab Emirates (UAE) holds 6,300 BTC, worth $740 million, ranking it fourth among nations for Bitcoin holdings, The Defiant reported, citing data from Arkham. The holdings were reportedly accumulated through the self-mining operations of Citadel Mining, a company in which the Abu Dhabi royal family's investment firm, the Royal Group, holds a majority stake. None of the BTC was purchased on the open market.