Phoenix Group $150M BTC & SOL Treasury Debut for ADX
Phoenix Group don launch $150 million digital asset treasury for Abu Dhabi Securities Exchange (ADX), wey dem put 514 BTC and 630,000 SOL as long-term reserves. This digital asset treasury show say Phoenix trustworthy for Bitcoin and Solana network fundamentals. For Q2 2025, di mining company report say dem make $29 million revenue and mine 336 BTC globally, even though production drop 51% from Q1. Dem improve dem gross mining margin to 31% by reduce energy cost by 14%. Dem end di quarter with $16 million debt and make $29 million non-cash portfolio revaluation loss under updated accounting standards. With Solana price wey don recover recently, Phoenix expect say some asset valuations go bounce back and e show say public miners dey diversify their digital asset treasury more and more.
Bullish
Di launch of $150M digital asset treasury show sey big big institutional confidence dey for BTC and SOL. As dem put plenty reserves for Bitcoin and Solana, Phoenix Group dey support spot market demand, wey fit make prices go up. The move still dey tell other public miners sey e make sense to diversify digital asset, e fit make more people dey interested for market. Short term, to buy 514 BTC and 630,000 SOL fit reduce sell-side liquidity and make bids strong. Long term, to put crypto assets for balance sheet show sey dem believe for network fundamentals, e keep bullish feeling for both Bitcoin and Solana.