Phoenix Group Launches $150M Crypto Treasury, First on ADX
- Phoenix Group has established a $150 million cryptocurrency reserve, including 514 Bitcoin (BTC) and 630,000 Solana (SOL).
- The company is the first publicly listed firm on the Abu Dhabi Securities Exchange (ADX) to create a digital asset treasury.
- In Q2, Phoenix Group reported $29 million in revenue and mined a total of 336 BTC, down from a cumulative total of 689 BTC in Q1.
- Self-mining Bitcoin revenue surged by over 219% from $13 million in H1 of the previous year to over $41.7 million in H1 of this year.
- The firm also reported a non-cash loss of $29 million due to asset portfolio revaluations and expects some recovery in Q3.
This strategic move reflects growing institutional interest in cryptocurrencies beyond Bitcoin, as evidenced by Phoenix’s significant holdings and performance on the ADX.
With its new treasury strategy, Phoenix Group aims to leverage long-term value from its digital assets while navigating recent market fluctuations, having seen a notable rise in self-mining revenue over two years.(Source)
