Phoenix Group, a Bitcoin mining company based in Abu Dhabi, has initiated a $150 million cryptocurrency reserve, marking it as the first publicly listed firm on the Abu Dhabi Securities Exchange (ADX) to create a digital asset treasury. The reserve comprises 514 Bitcoin and 630,000 Solana, reflecting a long-term holding strategy. CEO Munaf Ali emphasized that this move is about aligning with the long-term value of these digital networks. In the second quarter of 2025, Phoenix Group emerged as one of the top five traded stocks on the ADX, with a share price increase of over 72%. The trend of Bitcoin mining companies diversifying into altcoins indicates growing institutional interest in cryptocurrencies. Additionally, BitMine Immersion Technologies has become the largest Ether treasury firm, planning to acquire up to 5% of Ether's supply. Despite a 51% decline in Bitcoin mined compared to the previous quarter, Phoenix Group reported a significant increase in self-mining revenue over two years, alongside a reduction in energy costs. Read more AI-generated news on: https://app.chaingpt.org/news

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