Phoenix Group Launches $150M BTC and SOL Reserve

Phoenix Group, a Bitcoin miner based in Abu Dhabi, has started a $150 million crypto reserve, becoming the first company on the Abu Dhabi stock exchange (ADX) to hold digital assets as part of its treasury.

Phoenix Group Adds 514 BTC, 630K SOL to Long-Term Reserve

The reserve holds 514 Bitcoin (BTC) and 630,000 Solana (SOL), which Phoenix Group says is part of a long-term plan.

“This is not just about owning crypto,” said CEO Munaf Ali. “We believe in the future of these networks, and our strategy shows that.”

Phoenix Group was one of the top five most-traded and best-performing stocks on the ADX in Q2 2025, with its share price rising over 72% between April and June.

More crypto mining companies are also adding altcoins to their holdings, showing that big investors are becoming more interested in digital assets beyond just Bitcoin.

In a similar move, BitMine Immersion Technologies, a publicly listed Bitcoin miner, recently became the largest Ether treasury holder after announcing plans to acquire up to 5% of Ethereum’s total supply.

As part of a $1 billion stock buyback program, the firm now holds 625,000 ETH, or 0.52% of ETH’s circulating supply.

Phoenix BTC Output Drops 51% — Yet Revenue Soars 219%

In Q2 2025, Phoenix Group made $29 million in revenue and mined 336 BTC, with 214 BTC coming from its own mining operations. This is a 51% drop from Q1, when it mined 689 BTC.

However, over the past two years, its self-mining revenue jumped 219%, from $13 million in early 2023 to $41.7 million in early 2025. It also kept a 31% profit margin on self-mining and cut energy costs by 14%.

Apart from this, Phoenix reported $16 million in debt and a $29 million paper loss, mainly due to revaluing its crypto and a one-time accounting change.

The company expects some recovery in Q3, helped by rising prices of assets like Solana.