The $150 million treasury includes 514 Bitcoin and 630,000 Solana, positioning the company as a regional leader in digital asset strategy.
CEO Munaf Ali said the move reflects a belief in the long-term value of blockchain networks, emphasizing that holding crypto is about alignment—not just exposure. Phoenix’s bold pivot highlights a broader shift among miners, many of whom are now diversifying their treasuries beyond Bitcoin.
Despite a revenue dip in Q2—$29 million, down from 689 to 336 BTC mined—the company has seen self-mining revenue soar 219% over the last two years. With energy costs falling 14% and gross profitability on mining holding at 31%, Phoenix expects asset recovery to pick up in Q3, particularly as Solana prices rebound.
The announcement follows a growing trend of crypto-focused balance sheet strategies. U.S.-based BitMine Immersion Technologies recently claimed the title of largest Ether holder among public firms, with 625,000 ETH locked in as part of a massive buyback initiative.
Though Phoenix recorded a non-cash loss of $29 million due to portfolio revaluation and accounting shifts, its crypto-first stance signals increasing institutional confidence in digital assets across global markets.
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