Binance founder Changpeng "CZ" Zhao has publicly acknowledged his advocacy role in the United Arab Emirates' (UAE) significant entry into Bitcoin mining, which has reportedly generated over $450 million in BTC. This revelation came in response to a social media post detailing the country's mining advances, with CZ stating, "I might have done a tiny bit of advocacy for this."
According to data from Arkham Intelligence, the UAE has mined approximately $453.6 million worth of Bitcoin to date, primarily through its partner Citadel Mining, a firm linked to the International Holding Company. The country's strategy has focused on holding the majority of its mined Bitcoin, with its last recorded sales occurring roughly four months ago. Excluding energy costs, Arkham estimates the UAE has accumulated an unrealized profit of about $344 million on its holdings. Analysts note the state-controlled wallets hold around 6,300 BTC, valued at nearly $700 million, positioning the UAE among the largest known sovereign Bitcoin holders that acquired assets through mining rather than enforcement actions.
The mining infrastructure, including a large facility in Abu Dhabi built by Citadel Mining and Phoenix Group in 2022, has been central to this effort. This state-linked, mining-based approach differs from countries like the United States or United Kingdom, where government Bitcoin reserves typically come from criminal seizures. Analysts say this gives the UAE more control over production costs and aligns with a broader national initiative to diversify beyond oil and establish itself as a financial innovation hub.
This development contrasts with other sovereign strategies. For instance, Bhutan, which invested heavily in Bitcoin in early 2025 accumulating over $1.2 billion, has reportedly begun to gradually divest its holdings. The UAE's strategy of holding and continuously mining is viewed as treating Bitcoin as a long-term store of value and a strategic component of economic diversification.
CZ's comments align with his long history of fostering institutional adoption during his tenure as Binance CEO, which included memorandums of understanding with countries like Kazakhstan and regulatory negotiations in the United States.
