Abu Dhabi’s Phoenix Group Launches $150M Bitcoin, Solana Reserve in Regional First

Phoenix Group, a publicly listed Bitcoin mining company based in Abu Dhabi, has unveiled a $150 million strategic cryptocurrency reserve, making it the first firm on the Abu Dhabi Securities Exchange (ADX) to hold a digital asset treasury.

The reserve includes 514 Bitcoin and 630,000 Solana tokens, which the company says reflects a long-term commitment to digital assets.

“Holding Bitcoin and other strategic digital assets isn’t just about exposure. It’s about alignment,” said CEO Munaf Ali in a Thursday press release.

“We believe in the long-term value these networks represent, and our treasury strategy reflects that belief.”

Phoenix Group Emerges as Regional Leader in Crypto Treasury Strategy

The move positions Phoenix Group as a regional trailblazer, joining a growing list of mining firms adding altcoins to their balance sheets.

Its announcement follows BitMine Immersion Technologies’ recent expansion into Ethereum holdings, where it now controls over 625,000 ETH, 0.52% of the circulating supply.

Phoenix Group has also emerged as one of the ADX’s top-performing stocks in Q2 2025, with its share price surging 72% between April and June. Despite a drop in mining output, the company’s broader financials show continued momentum.

In the second quarter of 2025, Phoenix mined a total of 336 BTC, a 51% decline from the previous quarter, with 214 BTC attributed to self-mining.

However, year-over-year performance remains strong. The company reported a 219% increase in self-mining revenue over two years, growing from $13 million in H1 2023 to $41.7 million in H1 2025.

🇦🇪 Phoenix Group officially adopts Digital Asset Treasury Strategy, net added 179 BTC in Q2 and now has a total of 514 BTC. pic.twitter.com/QXwdQkDo6Q

— NLNico (@btcNLNico) July 31, 2025

It also improved its gross profit margin on self-mining to 31%, while cutting energy costs by 14%.

Financial disclosures show Phoenix is managing $16 million in debt and recorded a $29 million non-cash loss tied to asset revaluations and accounting adjustments.

Still, the firm expressed optimism, projecting a partial recovery in Q3, driven by gains in key holdings like Solana.

Crypto Treasuries Aren’t Really Buying Crypto

A growing number of publicly traded companies are raising hundreds of millions of dollars to build crypto treasuries, but one analyst says many aren’t actually buying digital assets from the open market.

As reported, crypto analyst Ran Neuner claimed that crypto treasury firms are acting less like buyers and more like exit vehicles for crypto insiders.

Instead of purchasing assets directly from exchanges, these companies often receive crypto contributions from existing holders, in exchange for shares that later trade at massive premiums on public markets.

Skepticism around the sustainability of the crypto treasury trend is also growing.

Last month, Glassnode lead analyst James Check raised concerns over the longevity of the corporate Bitcoin treasury strategy, arguing the easy gains might already be gone for new entrants as the market matures.

The warning echoes recent comments from Matthew Sigel, head of digital asset research at VanEck, who has voiced concerns over the Bitcoin treasury strategies adopted by some publicly traded firms.