Abu Dhabi-based mining firm Phoenix Group has made waves by becoming the first ADX-listed company to build a dedicated cryptocurrency reserve.
The $150 million treasury includes 514 Bitcoin and 630,000 Solana, positioning the company as a regional leader in digital asset strategy.
CEO Munaf Ali said the move reflects a belief in the long-term value of blockchain networks, emphasizing that holding crypto is about alignment—not just exposure. Phoenix’s bold pivot highlights a broader shift among miners, many of whom are now diversifying their treasuries beyond Bitcoin.
Despite a revenue dip in Q2—$29 million, down from 689 to 336 BTC mined—the company has seen self-mining revenue soar 219% over the last two years. With energy costs falling 14% and gross profitability on mining holding at 31%, Phoenix expects asset recovery to pick up in Q3, particularly as Solana prices rebound.
The announcement follows a growing trend of crypto-focused balance sheet strategies. U.S.-based BitMine Immersion Technologies recently claimed the title of largest Ether holder among public firms, with 625,000 ETH locked in as part of a massive buyback initiative.
Though Phoenix recorded a non-cash loss of $29 million due to portfolio revaluation and accounting shifts, its crypto-first stance signals increasing institutional confidence in digital assets across global markets.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/phoenix-group-unveils-150m-crypto-reserve-a-first-for-abu-dhabi-markets/