Bitcoin miner Phoenix Group launches $150M crypto treasury for BTC, SOL

Bitcoin miner Phoenix Group launched a $150 million strategic cryptocurrency reserve as the first publicly listed company in Abu Dhabi to establish a digital asset fund.

Phoenix Group announced the formation of its digital asset treasury valued at $150 million, which included 514 Bitcoin (BTC) and 630,000 Solana (SOL) tokens as the miner’s “long-term reserve.”

This made Phoenix Group the first company listed on the Abu Dhabi Securities Exchange (ADX) to open a strategic cryptocurrency reserve, the company said in a Thursday announcement shared with Cointelegraph.

“Holding Bitcoin and other strategic digital assets isn’t just about exposure. It’s about alignment,” wrote Munaf Ali, co-founder and CEO of Phoenix Group, adding:

“We believe in the long-term value these networks represent, and our treasury strategy reflects that belief.”

Phoenix Group became 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.

Phoenix Group mining site in Abu Dhabi, UAE. Source: Phoenix GroupRelated: 35 companies now hold at least 1,000 Bitcoin as corporate adoption booms

Increasingly more Bitcoin mining companies are considering altcoins as part of their balance sheet, signaling more institutional demand for cryptocurrencies beyond Bitcoin.

Notably, 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.

Related: Satoshi-era $9.7B Bitcoin OG: Galaxy moves another $1.1B to exchanges

Phoenix Group reports $29M revenue for Q2, 219% rise in self-mining BTC

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 Group expects a “partial rebound in asset valuations” in the third quarter, driven by the recent price recoveries in “key holdings such as Solana.”

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