Abu Dhabi-based Phoenix Group has announced the establishment of a strategic cryptocurrency reserve valued at $150 million, including Bitcoin and Solana.
Establishment of Reserves in Abu Dhabi
Phoenix Group is the first public company to establish a digital asset reserve on the Abu Dhabi Securities Exchange (ADX). The created reserve consists of 514 Bitcoin (BTC) and 630,000 Solana (SOL).
Goals and Strategic Advantages
The company views this move as a reflection of its confidence in the long-term value of the blockchain networks that support these assets. They emphasize that holding digital assets not only enhances market visibility but also adapts the company to the evolving financial landscape.
Management's Opinion
Munaf Ali, the CEO of Phoenix Group, stated: "Phoenix has always been much more than a mining company. We are a faith-driven digital infrastructure group." He added that "holding Bitcoin and other strategic digital assets isn't just about visibility. It's about compliance. We believe in the long-term value these networks represent, and our treasury strategy reflects that belief."
Thus, Phoenix Group demonstrates active participation in the cryptocurrency sector by establishing tangible reserves, which may contribute to the development of the digital economy in the region.
