Changpeng Zhao, known as CZ, publicly revealed the role he played in the growth of the United Arab Emirates in Bitcoin mining. In response to a post detailing the country’s advances in the mining industry, the Binance founder stated that he had actively promoted that initiative.
According to data from the Arkham platform, the UAE has mined $453.6 million in Bitcoin to date through its partner Citadel. The country holds most of what it has produced, with its last recorded sales taking place approximately four months ago. Arkham estimates that, excluding energy costs, the UAE has accumulated a profit of $344 million on its holdings. Analyst Pete Rizzo added that the country already considers Bitcoin a store of value and holds more than one billion dollars in BTC.
CZ’s track record on institutional adoption spans a long history. During his tenure as CEO of Binance, he signed a memorandum of understanding with Kazakhstan and carried out regulatory negotiations in the United States, among other initiatives with leaders from various countries.
However, this trend is not uniform. Bhutan, which in January 2025 invested $65 million in Bitcoin with reserves exceeding $1.2 billion, has begun to gradually divest its holdings.
Source: https://x.com/cz_binance/status/2024447793218339245
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