Abu Dhabi-based Bitcoin miner Phoenix Group has launched a $150 million strategic cryptocurrency reserve, becoming the first publicly listed company on the Abu Dhabi Securities Exchange (ADX) to establish a digital asset treasury.
The company said Thursday the reserve includes 514 Bitcoin (BTC) and 630,000 Solana (SOL), describing it as a long-term holding strategy.
This makes Phoenix Group the first company listed on the ADX to establish a strategic cryptocurrency treasury, the company said in an announcement shared with Cointelegraph.
“Holding Bitcoin and other strategic digital assets isn’t just about exposure. It’s about alignment,” said 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.”
Phoenix Group was one of the five most-traded and best-performing stocks on the ADX in the second quarter of 2025 after its share price rose by over 72% from April to June.
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Increasingly more Bitcoin mining companies are considering altcoins as part of their balance sheet, signaling more institutional demand for cryptocurrencies beyond Bitcoin.
Publicly listed Bitcoin mining firm BitMine Immersion Technologies became the largest Ether (ETH) treasury firm after announcing plans to acquire up to 5% of Ether’s supply.
BitMine currently holds 625,000 Ether tokens, or 0.52% of the total circulating ETH supply, the firm announced on Tuesday, as part of a $1 billion stock repurchase program.
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Q2 earnings reveal revenue dip but strong long-term growth
Phoenix Group reported $29 million in revenue and a total of 336 BTC mined across its global operations, including 214 BTC attributed to self-mining, during the second quarter of 2025.
This marks a 51% decline from the first quarter, when Phoenix Group mined a cumulative 689 BTC.
Still, the miner has reported a 219% surge in self-mining Bitcoin revenue over two years, from $13 million in the first half of 2023 to over $41.7 million in the first half of 2025, with a 31% gross profitability margin on self-mining and a 14% reduction in energy costs.
Phoenix Group also reported $16 million worth of debt and a non-cash loss of $29 million, “due to revaluations in its digital asset portfolio and a one-time depreciation adjustment under revised accounting standards.”
Phoenix said it expects a partial recovery in asset valuations in Q3, driven by rising prices of key holdings such as Solana.
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