UAE Amasses $700M Bitcoin Stash Through Mining Operations

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The United Arab Emirates (UAE) has emerged as a significant player in the cryptocurrency landscape, reportedly holding approximately $700 million in Bitcoin. This substantial stash was primarily accumulated through mining operations conducted by Citadel Mining, a firm majority-owned by the UAE's International Holding Company (IHC), which itself is substantially backed by the UAE Royal Group. This development positions the UAE as a notable government holder of Bitcoin, distinct from other nations whose holdings often stem from asset seizures.

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