Phoenix Group, a leading mining company based in Abu Dhabi, has officially announced the creation of a cryptocurrency reserve worth approximately 150 million dollars. The reserve is based on Bitcoin (BTC) and Solana (SOL), making Phoenix Group the first publicly traded company on the ADX with its own cryptocurrency reserve.
This is reported by Finway
Details of the Reserve and Company Financials
According to the financial report for the second quarter of 2025, Phoenix Group holds 514 BTC and 630,000 SOL on its balance sheet. Investments in these crypto assets are part of the company’s long-term strategy aimed at strengthening its position in the digital economy. At the same time, the company did not specify whether it plans to further replenish the reserve.
“Phoenix has always been more than just a miner. We are a group of companies operating in the digital infrastructure space, founded on beliefs. Owning Bitcoin and other strategic digital assets is not just a matter of popularity. It is a matter of consistency,” said Munaf Ali, co-founder and CEO of Phoenix Group.
Following the announcement of the cryptocurrency reserve, Phoenix Group’s shares on the ADX rose by 1.5%. One of the key advantages of the company is its relatively low level of creditor debt, which currently stands at 28.1 million dollars. This allows Phoenix Group to continue expanding into adjacent markets, including new investments in cryptocurrency.
Financial Results and Market Dynamics
For the second quarter of 2025, the company reported revenue of 29.1 million dollars, which is lower than the same period last year. The quarter closed with a net loss of 29.2 million dollars, which led to a cautious reaction from investors. For the first half of 2025, the total loss reached 182.8 million dollars, primarily due to unrealized losses from digital assets on the company’s balance sheet.
Despite this, experts note some improvement compared to the first quarter of the year — Phoenix Group increased its Bitcoin mining volumes and boosted gross revenue. This indicates a gradual stabilization of the business and strengthening of its financial resilience.
In addition to Phoenix Group, other mining companies are actively creating cryptocurrency reserves. In particular, MARA recently raised 850 million dollars through bond issuance for further investments in Bitcoin.