The Bitcoin mining company Phoenix Group, headquartered in Abu Dhabi, announced the launch of a strategic digital asset treasury valued at $150 million, becoming the first public company to list on the Abu Dhabi Securities Exchange (ADX) and establish a digital asset treasury.
The company announced on Thursday that the treasury includes 514 Bitcoins and 630,000 Solana, viewing it as part of a long-term holding strategy.
In an announcement shared with Cointelegraph, the company noted that Phoenix Group is the first enterprise to list on the ADX and establish a strategic digital asset treasury.
Munaf Ali, co-founder and CEO of Phoenix Group, stated, "Holding Bitcoin and other strategic digital assets is not just about gaining exposure, but also about achieving strategic alignment. We believe in the long-term value of these networks, and our treasury strategy is a reflection of that belief."
In the second quarter of 2025, Phoenix Group ranked among the top five stocks on the ADX in terms of trading volume and performance, with the company's stock price rising over 72% from April to June.
An increasing number of Bitcoin mining companies are beginning to incorporate other mainstream cryptocurrencies into their balance sheets, indicating a growing institutional demand for crypto assets beyond Bitcoin.
Listed Bitcoin mining company BitMine Immersion Technologies announced plans to acquire up to 5% of the circulating supply of Ethereum (ETH), becoming the world's largest Ethereum treasury company.
BitMine currently holds 625,000 Ethereum, accounting for 0.52% of the circulating supply of ETH. The company announced on Tuesday that this holding is part of its $1 billion stock buyback plan.
In the second quarter of 2025, Phoenix Group's global business revenue reached $29 million, with a total of 336 Bitcoins mined, of which 214 were self-mined.
This represents a 51% decrease compared to the 689 Bitcoins mined in the first quarter.
Despite this, the company's self-mined Bitcoin revenue has grown by 219% over two years. In the first half of 2023, it was $13 million, and in the first half of 2025, it exceeded $41.7 million. The gross margin for self-mined Bitcoin was 31%, with energy costs down 14% year-on-year.
Phoenix Group also reported liabilities of $16 million and a book loss of $29 million, "primarily due to one-time depreciation resulting from the revaluation of the digital asset portfolio and accounting standard adjustments."
Phoenix expects that asset valuations will partially recover in the third quarter, driven by rising prices of core assets like Solana.
Related: The White House releases long-awaited cryptocurrency regulatory proposal report
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