Phoenix Group, a bitcoin mining company, has unveiled a $150 million digital asset treasury, marking the first time a company listed on the Abu Dhabi Securities Exchange (ADX) has established such a reserve.
Phoenix Group’s strategic bitcoin reserve
According to a Thursday announcement, the newly formed treasury comprises 514 bitcoin and 630,000 Solana tokens, categorized as the miner’s “long-term reserve.”
Munaf Ali, co-founder and CEO, explained the company’s approach:
“We believe in the long-term value these networks represent, and our treasury strategy reflects that belief.”
Phoenix Group’s move positions it at the forefront of institutional adoption of bitcoin and other digital assets in the UAE.
The firm’s shares surged over 72% from April to June 2025, making it one of the most-traded and best-performing stocks on the ADX in Q2.
Rising trend among miners
A growing number of bitcoin mining firms are diversifying their reserves.
BitMine Immersion Technologies, for example, recently announced holdings of 625,000 Ether, accounting for 0.52% of the total circulating ETH supply, as part of a $1 billion stock repurchase program.
Q2 revenue and mining performance
Phoenix Group reported $29 million in revenue for Q2 2025, with a total of 336 BTC mined globally—214 BTC from self-mining.
This represents a 51% drop from Q1, but self-mining revenue has climbed 219% over two years, reaching $41.7 million for the first half of 2025.
The company maintained a 31% gross profitability margin on self-mining and reduced energy costs by 14%.
Financial outlook
Despite reporting $16 million in debt and a non-cash loss of $29 million due to digital asset revaluations and accounting adjustments, Phoenix Group anticipates a partial rebound in asset valuations in Q3.
