Abu Dhabi-based Bitcoin miner Phoenix Group has established a $150 million strategic cryptocurrency reserve, marking a historic milestone as the first publicly listed company on the Abu Dhabi Securities Exchange (ADX) to create a digital asset treasury. The reserve consists of 514 Bitcoin (BTC) and 630,000 Solana (SOL), which the company positions as part of a long-term holding strategy.
Phoenix Group announced this groundbreaking move on Thursday, emphasizing their commitment to digital assets beyond traditional mining operations. “Holding Bitcoin and other strategic digital assets isn’t just about exposure. It’s about alignment,” explained Munaf Ali, co-founder and CEO of Phoenix Group. “We believe in the long-term value these networks represent, and our treasury strategy reflects that belief.”
The company demonstrated strong market performance in the second quarter of 2025, ranking among the five most-traded and best-performing stocks on the ADX. Phoenix Group’s share price surged over 72% between April and June, reflecting investor confidence in their strategic direction.
Growing Trend Among Mining Companies
Phoenix Group joins a growing number of Bitcoin mining companies expanding their portfolios to include alternative cryptocurrencies, indicating broader institutional appetite for digital assets beyond Bitcoin. This trend reflects mining firms’ efforts to diversify their holdings and capitalize on various cryptocurrency networks.
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BitMine Immersion Technologies recently became the largest Ether (ETH) treasury firm after announcing plans to acquire up to 5% of Ether’s total supply. The publicly listed Bitcoin mining company currently holds 625,000 Ether tokens, representing 0.52% of the total circulating ETH supply, as part of a $1 billion stock repurchase program announced Tuesday.
Financial Performance Shows Mixed Results
Phoenix Group’s second quarter results revealed $29 million in revenue and 336 BTC mined across global operations, with 214 BTC coming from self-mining activities. However, this represents a 51% decline from the first quarter, when the company mined a cumulative 689 BTC.
Despite the quarterly decline, Phoenix Group demonstrated impressive long-term growth with a 219% surge in self-mining Bitcoin revenue over two years. Revenue increased from $13 million in the first half of 2023 to over $41.7 million in the first half of 2025, maintaining a 31% gross profitability margin on self-mining operations while achieving a 14% reduction in energy costs.
The company reported $16 million in debt and a non-cash loss of $29 million, attributed to revaluations in its digital asset portfolio and a one-time depreciation adjustment under revised accounting standards. Phoenix Group anticipates partial recovery in asset valuations during Q3, driven by rising prices of key holdings including Solana.
Market Implications
Phoenix Group’s treasury strategy could encourage other regional mining companies to diversify their cryptocurrency holdings beyond Bitcoin. The strong performance of their stock following this announcement suggests positive market reception for companies adopting multi-asset digital treasury approaches.
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