The United Arab Emirates (UAE) has mined $453.8 million in Bitcoin as of February 19, sitting on about $344 million in gross profit on a strict no-selling strategy, according to Arkham Intelligence.
While the UAE is implementing a long-term holding strategy, Bhutan, which gathered its digital wealth in secret over many years, has now begun selling its Bitcoin, with sales becoming more often during a pressure period for the world’s largest crypto.
The UAE is holding, while Bhutan sells its Bitcoin
The landscape of Bitcoin mining has evolved from being just an institutional strategy to one employed by national governments. Recent data shows that the United Arab Emirates and the Kingdom of Bhutan have invested heavily in mining infrastructure.
The UAE partnered with Citadel and mined a total of $453.8 million in Bitcoin. Data from Arkham Intelligence shows that the UAE is holding the vast majority of the Bitcoin it produces.
This HODL strategy has allowed the country to sit on a gross profit of $344 million, excluding energy costs.
The UAE has also created “crypto-friendly” zones and clear regulations to attract blockchain businesses.
Bhutan, on the other hand, has begun to sell its holdings after years of mining Bitcoin in secret. In the past week alone, Bhutan transferred $22.4 million worth of Bitcoin out of its wallets to be sold.
Through Bhutan’s secret mining efforts using its abundant hydroelectric power, the country reached a peak holding of over 13,000 BTC. However, data now shows that they are moving these assets to exchanges and market makers regularly. Bhutan has been selling Bitcoin every single week for the past three.
Bhutan tends to sell in clips of around $50 million. One of their most recent transfers, which was made roughly five days ago, was sent directly to the labeled addresses of QCP Capital. This suggests they are using professional services to sell large amounts without crashing the market price. Bhutan’s heaviest period of selling occurred around mid-to-late September 2025.
Bhutan’s mining output has also fluctuated over the years, with its peak year being 2023. The nation mined 8,200 BTC during that time.
In 2021, it mined about 2,500 BTC, followed by 1,800 BTC in 2022. By 2024, production was around 3,000 BTC.
What other countries are adopting the Bitcoin holding strategy?
El Salvador famously buys one Bitcoin every day and also mines Bitcoin using heat from its volcanoes. As of early 2026, the treasury holds about 7,566.37 BTC, valued at approximately $506 million at current prices.
The country recently launched a transparency platform that allows anyone to track the country’s Bitcoin holdings in real-time.
Ethiopia has officially emerged as Africa’s mining powerhouse, with 25 licensed firms controlling 2.5% of the global hash rate and the government now seeking a global partner for a state-backed mining venture. Private miners in the country have already generated over $200 million in revenue.
Due to very low electricity costs and a cool climate that helps prevent mining hardware from overheating, Ethiopia has become a favorite spot for international mining firms. The Ethiopian government has signed deals with Chinese companies to build massive data centers.
Russia is preparing a massive regulatory change set for July 1, 2026, with laws that will bring all crypto activity under state supervision. The government’s goal is to redirect the estimated $15 billion in annual fees currently paid to foreign platforms back into the Russian economy. Under these new laws, only registered local platforms will be allowed to operate, and illegal mining will carry heavy criminal penalties.