Phoenix Group, a leading mining company from Abu Dhabi, has announced the formation of a cryptocurrency reserve based on Bitcoin and Solana, with a total value of approximately $150 million. This is the first company listed on the ADX exchange to officially announce the existence of such a reserve.
This is reported by Business • Media
Company’s Strategy and Financial Activities
According to the financial report for the second quarter of 2025, Phoenix Group holds 514 BTC and 630,000 SOL on its balance sheet. Investments in digital assets are part of the company’s long-term development strategy; however, details regarding potential further replenishment of the reserve remain unknown.
“Phoenix has always been more than just a miner. We are a group of companies operating in the digital infrastructure sector, founded on beliefs. Owning Bitcoin and other strategic digital assets is not just a matter of popularity. It is a matter of consistency,” said Munaf Ali, co-founder and CEO of Phoenix Group.
Following the announcement of the cryptocurrency reserve, the company’s shares rose by 1.5%. Additionally, Phoenix Group is characterized by a relatively low level of creditor debt — $28.1 million, which allows for active business expansion, including in the digital asset segment.
Financial Results and Market Trends
In the second quarter of 2025, the company recorded revenue of $29.1 million, which is a lower figure compared to the same period last year. At the same time, the quarter closed with a net loss of $29.2 million, which explains the market’s cautious reaction. For the first half of the year, the total loss amounted to $182.8 million, mainly due to unrealized losses on digital assets held on the company’s balance sheet.
Experts note that compared to the first quarter of 2025, Phoenix Group is showing gradual improvement in results — Bitcoin production is increasing and gross revenue is rising.
It is worth noting that similar practices are being implemented by other large miners. In particular, the company MARA raised $850 million through bond issuance to form its own crypto reserves.