Phoenix Group Unveils $150M Bitcoin-Solana Treasury in ADX First

     

Abu Dhabi miner becomes first ADX-listed firm to add crypto to balance sheet amid long-term digital asset strategy

Phoenix Group has launched a $150 million cryptocurrency treasury anchored in Bitcoin and Solana, marking a major milestone as the first company listed on the Abu Dhabi Securities Exchange (ADX) to officially hold digital assets on its balance sheet.

Announced Thursday, the treasury consists of 514 BTC and 630,000 SOL – positioned as a long-term strategic reserve reflecting the group’s conviction in blockchain’s future. “Holding Bitcoin and other strategic digital assets isn’t just about exposure. It’s about alignment,” said CEO Munaf Ali, highlighting the company’s belief in the enduring value of decentralized networks.

Phoenix Group, a top-performing ADX stock in Q2 2025 with a 72% share price surge, is taking a leading role as crypto adoption deepens across Middle Eastern capital markets. Its move follows a growing trend among Bitcoin mining firms to diversify into altcoins, mirroring actions by firms like BitMine Immersion Technologies – now the largest Ether-holding public miner.

Q2 earnings dip but long-term metrics remain bullish

Phoenix Group mined 336 BTC in Q2 2025, down 51% from the previous quarter’s 689 BTC. Of the total, 214 BTC came from self-mining, contributing to a steady rise in direct mining revenue.

While quarterly revenue stood at $29 million – down from earlier highs – the firm reported a 219% increase in self-mining revenue over the past two years, reaching $41.7 million in H1 2025. The company also achieved a 14% reduction in energy costs and maintained a 31% gross profit margin on its mining operations.

The miner booked $16 million in debt and a $29 million non-cash loss tied to asset revaluations and one-time depreciation under updated accounting rules. However, Phoenix anticipates partial recovery in Q3, especially as Solana prices trend upward.