SREENIVASA REDDY (ABU DHABI)
Phoenix Group, an ADX-listed and International Holding Company (IHC) portfolio firm, mined 305.5 Bitcoins (BTC) during the third quarter of 2025, including 194.9 BTC from self-mining operations, according to its financial statement.
The company ended the quarter with an operational treasury of 682 BTC and over 642,000 Solana (SOL) tokens, underscoring its disciplined approach to treasury management and long-term value creation.
Phoenix maintained a steady 10.8 exahash per second (EH/s) contribution to the global Bitcoin network in Q3, accounting for roughly 1% of the total hash rate. This performance came despite a 17% rise in global mining difficulty and scheduled power curtailments at its Citadel facility.
The company’s self-mining margins expanded to 46%, up from 31% in Q2, driven by stronger Bitcoin prices and improved energy efficiency. Mining efficiency improved to 22.0 joules per terahash (J/TH), a 31% gain from a year earlier.
Phoenix’s revenue rose 10% quarter-on-quarter to $32 million, supported by higher self-mining activity, while adjusted EBITDA surged 154% to $960,000. The company generated $10.5 million in investment income, mainly from its Solana holdings, which appreciated in value during the quarter.
Phoenix said its expansion plans remain on track, with 62 megawatts (MW) of new capacity in Ethiopia and 44 MW in North America expected to come online between Q4 2025 and Q1 2026. Once completed, total self-mining capacity is projected to reach 13 EH/s, more than double its current level.
The group’s long-term goal is to scale its total operational footprint toward 1 gigawatt (GW) across multiple global sites, including new locations under negotiation in the US and other strategic regions.
Munaf Ali, Co-founder and Group Chief Executive Officer of Phoenix Group, said the third quarter marked a pivotal moment for the company’s growth trajectory.
“Q3 has been a pivotal quarter for us, one that not only reflects our operational strength but also sets the stage for Phoenix’s next phase of growth,” he said. “As we move into Q4 and beyond, our focus is on scaling toward 1 GW of capacity and advancing our entry into AI and high-performance compute. The infrastructure we’ve built is evolving into a global platform where intelligent energy drives innovation and turns power into progress.”
Phoenix has also started recruiting AI specialists and upskilling existing teams to prepare for a shift into artificial intelligence (AI) and high-performance computing (HPC). The company plans to repurpose parts of its South Carolina operations for compute-driven infrastructure after recording a one-time, non-cash impairment of $48.5 million related to that site.
The company’s total assets stood at $750 million at the end of Q3, including $395 million in digital assets. Its total equity is estimated at $688 million.
Phoenix operates facilities across the UAE, US, Canada, Oman, and Ethiopia with more than 500 MW of installed capacity, making it one of the top 10 Bitcoin miners globally and the region’s first crypto conglomerate listed on ADX.