Phoenix Group, a Bitcoin mining operation based in Abu Dhabi, has made waves by allocating $150 million to a strategic cryptocurrency reserve. This move establishes them as the first publicly traded entity on the Abu Dhabi Securities Exchange (ADX) to create a dedicated digital asset portfolio.
Announced on Thursday, the company’s reserve consists of 514 Bitcoin (BTC) and 630,000 Solana (SOL). The firm described this allocation as a long-term investment strategy.
The company revealed in a statement that this development marks Phoenix Group as the pioneering ADX-listed firm to establish a strategic treasury dedicated to digital currencies.
“Holding Bitcoin and other selected digital assets signifies more than just simple market involvement,” stated Munaf Ali, co-founder and CEO of Phoenix Group. “It’s about aligning our company with the future. We have strong confidence in the sustained worth of these blockchain networks, and our treasury strategy clearly showcases that conviction.”
During the second quarter of 2025, Phoenix Group was recognized as one of the top five most actively traded and best-performing stocks on the ADX. This performance was fueled by a share price increase of over 72% between April and June.
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A growing trend reveals that Bitcoin mining companies are incorporating alternative cryptocurrencies into their financial holdings. This indicates a broadening institutional interest in crypto assets that goes beyond just Bitcoin.
BitMine Immersion Technologies, another publicly listed Bitcoin mining company, has emerged as a major player in Ether (ETH) holdings. The company recently announced intentions to acquire up to 5% of the total Ether supply.
According to a recent announcement, BitMine currently possesses 625,000 Ether tokens, representing 0.52% of the total circulating ETH. This is part of a larger $1 billion stock buyback initiative.
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Q2 Earnings Show Revenue Decline, But Long-Term Growth Remains Strong
For the second quarter of 2025, Phoenix Group reported $29 million in revenue and the mining of 336 BTC across its global operations. Of this total, 214 BTC were attributed to self-mining activities.
This represents a 51% decrease compared to the first quarter, during which Phoenix Group mined a total of 689 BTC.
Despite this quarterly dip, the company has experienced a significant 219% increase in Bitcoin revenue derived from self-mining over the past two years. Revenue surged from $13 million in the first half of 2023 to over $41.7 million in the first half of 2025. The company also maintains a gross profitability margin of 31% on self-mining activities and has reduced energy costs by 14%.
Phoenix Group also reported $16 million in debt and a non-cash loss of $29 million. This loss was attributed to “revaluations in its digital asset portfolio and a one-time depreciation adjustment under revised accounting standards.”
Looking ahead, Phoenix anticipates a partial recovery in asset valuations during the third quarter, primarily driven by increasing prices in key holdings like Solana.
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