The United Arab Emirates has formally recognized Bitcoin as a store of value, with exposure exceeding $1 billion through mining and ETF holdings. Changpeng Zhao, the founder of Binance, disclosed his advocacy contributed to this development, while on-chain data shows significant profits from state-linked mining operations.
The United Arab Emirates now formally recognizes bitcoin as a store of value similar to gold. Changpeng Zhao, founder of Binance, disclosed his role, stating, “I might have done a tiny bit of advocacy for this.” He established his primary residence in Dubai in 2021 due to its pro-crypto environment.
Abu Dhabi’s royal family entered Bitcoin mining through its firm, Citadel Mining. According to on-chain intelligence from Arkham, the entity has mined over 450 BTC worth approximately $450 million. The royal family is currently $344 million in profit on their BTC holdings, excluding energy costs.
Major Abu Dhabi sovereign wealth entities have also purchased spot Bitcoin ETFs. By the end of 2025, Mubadala Investment Company held over 12.7 million shares in BlackRock’s iShares Bitcoin Trust worth $631 million. Separate SEC filings showed Al Warda Investments owned at least 8.21 million shares of the same product valued at $408 million.
These combined mining and ETF holdings give the UAE a total Bitcoin exposure well above $1 billion. With the government’s new recognition, the cryptocurrency is likely to be treated as a permanent reserve asset moving forward.
