Abu Dhabi-based Bitcoin Minor Phoenix Group launched a $150 million strategic cryptocurrency reserve, becoming the first publicly available company on the Abu Dhabi Stock Exchange (ADX) and establishing the Ministry of Digital Assets Treasury.
The company said Thursday that the reserves include 514 Bitcoin (BTC) and 630,000 Solana (SOL), which it describes as a long-term holding strategy.
This will make Phoenix Group the first company listed on ADX and establish a strategic cryptocurrency treasury, the company said in an announcement shared with Cointelegraph.
“It’s not just about holding Bitcoin and other strategic digital assets. It’s not about cooperation,” said Munaf Ali, co-founder and CEO of Phoenix Group. “We believe in the long-term value these networks represent, and our financial strategy reflects that belief.”
The Phoenix Group was one of the five best-performing stocks that ADX won in the second quarter of 2025 after its share price exceeded 72% between April and June.
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Publicly available Bitmine Immersion Technologies has become the largest ether (ETH) financing company after announcing plans to win up to 5% of its ether supply.
Bitmine currently holds 625,000 ether tokens, or 0.52% of the total circulating ETH supply.
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Second quarter revenues reveal a decline in revenue, but will increase long-term growth
Phoenix Group reported that $29 million in revenue and a total of 336 BTC was mined in the second quarter of 2025, including 214 BTC due to self-mining.
This shows a 51% decrease from the first quarter when the Phoenix Group mined a cumulative 689 BTC.
Still, miners reported a 219% surge in Bitcoin revenue, from $13 million in the first half of 2023 to $13 million in the first half of 2025.
The Phoenix Group also reported debt worth $16 million and non-cash losses of $29 million.
Phoenix said it expects a partial recovery in its third quarter asset valuation due to rising prices of key holdings such as Solana.
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