Blockchain analytics firm Arkham Intelligence publicly identified the UAE government's Bitcoin addresses for the first time, revealing that state-linked entity Citadel currently holds $532 million worth of BTC and continues to mine Bitcoin. The discovery was made by cross-referencing on-chain mining wallet data with time-lapse satellite imagery of a facility on Al Reem Island, alongside matching Citadel's transfers to Phoenix Group against official reports. The findings mark the first public attribution of sovereign Bitcoin holdings to the United Arab Emirates.