Binance Founder Changpeng “CZ” Zhao has revealed the role he played in the positive shift of the United Arab Emirates as a Bitcoin miner. Reacting to a post detailing the region’s success as a BTC miner, CZ said he has advocated for the venture, a statement that aligns with his business interests in the region.
UAE goes fully into Bitcoin mining
The conversations around the UAE pivot into gold started with Arkham. The data platform said the UAE has so far mined $453.6 million in Bitcoin through its partner Citadel.
As confirmed, the country appears to be holding onto the majority of the Bitcoin they produce, with its most recent outflows recorded about four months ago.
Arkham said the UAE is currently in profit of $344 million on its Bitcoin holdings, when energy costs are excluded.
These conversations were compounded when Pete Rizzo said the UAE now considers Bitcoin as a store of value. According to him, the country now owns over $1 billion worth of BTC.
Known for his engagements with world leaders, CZ has been promoting Bitcoin adoption for a while. From signing a Memorandum of Understanding (MoU) with Kazakhstan while serving as Binance CEO to policy advocacy in the United States, his noted role in the UAE has a precedent.
Not all countries are HODLing Bitcoin
As the Bitcoin price rose to its all-time high (ATH) last year, many countries also doubled down on their adoption of the coin.
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One of the prominent countries is Bhutan, which, as reported earlier by U.Today, invested $65 million into the coin in January 2025. At the time, the country’s reserves topped $1.2 billion.
In recent times, there have been confirmations that Bhutan has been gradually offloading its Bitcoin stash. This comes as the BTC cost of production has significantly dropped to a new high, relative to prices.
This trend confirms the broader sentiment around Bitcoin as accumulations and sell-offs continue to fuel ongoing price volatility. As of writing time, the coin was changing hands for $66,507, down 1.73% in 24 hours.