Key Takeaways:
- Abu Dhabi-listed Phoenix Group became the first ADX company to establish a digital asset treasury, holding over $150 million in Bitcoin and Solana.
- Phoenix achieved a 31% gross margin on self-mining with reduced energy costs, while MARA maintained low production costs at $33,700 per BTC, highlighting industry-wide focus on efficiency.
- MARA posted its most profitable quarter to date, with Q2 net income of $808 million and a 170% year-on-year increase in bitcoin holdings.
- Both Phoenix and MARA are leveraging bitcoin holdings through structured finance and are investing in AI and power infrastructure to offset post-halving pressures.
Abu Dhabi-listed Phoenix Group became the first company on the ADX to formalize a digital asset treasury, disclosing over $150 million in Bitcoin and Solana holdings, alongside second-quarter revenue of $29 million.
In its Q2 revenue report, the cryptocurrency and infrastructure firm said it mined 336 Bitcoin in the quarter, including 214 BTC from its own operations. The self-mining segment delivered a 31% gross margin, aided by a 14% reduction in energy costs.
“Holding Bitcoin and other strategic digital assets isn’t just about exposure. It’s about alignment,” said CEO and co-founder Munaf Ali. “We believe in the long-term value these networks represent, and our treasury strategy reflects that belief.”
In addition to its mining operations, Phoenix said it is accelerating development in artificial intelligence and high-performance computing, with a feasibility study underway to convert part of its U.S. infrastructure into a compute facility. The company is targeting one gigawatt of hybrid infrastructure by 2027 and is assessing global sites for further expansion.
“As we move forward, we see strategic opportunities to consolidate underutilized infrastructure globally,” Ali said. “Many smaller operators are stuck with land and power they can’t convert into meaningful compute.”
Post-Halving Era: Miners Push Into Treasury, Infrastructure, and AI
Phoenix’s move to formalize a digital asset treasury comes amid broader efforts by major bitcoin miners to optimize holdings and expand beyond core mining operations in a post-halving era.
On Tuesday, U.S.-based MARA reported a record second-quarter profit of $808 million and a 170% year-on-year increase in bitcoin holdings, bringing its total to 49,951 BTC.
Additionally, around 31% of Marathon’s holdings are now deployed through lending, trading, or collateral arrangements, generating a year-to-date yield of 5.2%.
The company also reported strong operational results, producing 2,358 BTC in the quarter at an average cost of $33,700 per coin.
Like Phoenix, MARA is also expanding into power and infrastructure solutions through partnerships with TAE Power Solutions and Pado AI, as miners adjust to reduced block rewards following April’s Bitcoin halving.
These developments highlight a shift in the sector, as firms seek to leverage scale, infrastructure, and asset management to maintain profitability under tighter conditions.
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