I just reviewed the on-chain data, and what’s happening with the United Arab Emirates in bitcoin mining is interesting. It turns out they have around 6,782 BTC (unos 450 million dollars at the current price of $73.85K), which represents unrealized gains of approximately $344 million. What’s curious is their strategy: while Western governments typically accumulate bitcoin through seizures, the United Arab Emirates is building a strategic digital reserve through sustained mining operations.

The infrastructure they have linked to the Abu Dhabi royal family is still quite active. According to the data, they generate around 4.2 BTC daily, even amid recent volatility. The 250-megawatt project with Marathon Digital (now MARA Holdings) and its alliance with Zero Two on Al Reem Island is one of the largest immersion-cooling mining deployments known in the region.

What catches my attention is that they are not selling. Four months ago was the last notable outflow from their wallets. While many miners are forced to sell during weak periods to finance operations, they hold and accumulate constantly. It’s a long-term move quite different from what you see in the West. If they keep this up, the digital reserve they have today could be significantly larger in a few years.