Abu Dhabi-based Bitcoin miner Phoenix Group has announced the launch of 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.

According to Thursday’s company announcement, the reserve includes 514 Bitcoin (BTC) and 630,000 Solana (SOL). The company stated the move reflects its long-term holding strategy.

Phoenix Group stated the initiative makes it the first ADX-listed entity to create a strategic cryptocurrency treasury.

“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 among the five most-traded and best-performing stocks on the ADX during the second quarter of 2025, with its share price rising by over 72% from April to June.

Phoenix Group mining site in Abu Dhabi, UAE

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Increasingly, Bitcoin mining companies are considering adding altcoins like Solana to their balance sheets, signaling more institutional demand for cryptocurrencies beyond Bitcoin.

Publicly listed Bitcoin mining firm BitMine Immersion Technologies recently joined this trend by announcing plans to acquire up to 5% of Ether’s total supply.

BitMine currently holds 625,000 Ether tokens, representing 0.52% of the total circulating ETH supply, as part of a previously announced $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 during the second quarter of 2025. This includes 214 BTC attributed to self-mining activities.

Compared to the first quarter, which saw 689 BTC mined cumulatively, this represents a 51% decline in production.

However, Phoenix Group reported a notable 219% surge in self-mining Bitcoin revenue over two years, which climbed from $13 million in H1 2023 to over $41.7 million in H1 2025, surpassing self-mining revenue levels from a year earlier.

Additionally, the company’s self-mining operations showed improved gross profitability (31% margin) and a 31% reduction in energy costs.

Phoenix Group acknowledged $16 million worth of debt and reported 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.” The company anticipates a partial recovery in asset valuations during Q3, particularly driven by rising prices for key holdings like Solana.

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