Bitcoin News Today: Phoenix Group Establishes $150M Crypto Treasury With 514 BTC and 630,000 SOL

Phoenix Group, a Bitcoin mining company based in Abu Dhabi, has announced the creation of a $150 million cryptocurrency treasury, making it the first publicly listed company on the Abu Dhabi Securities Exchange (ADX) to establish a digital asset reserve. The treasury comprises 514 Bitcoin (BTC) and 630,000 Solana (SOL) tokens, marking a significant development in the United Arab Emirates’ growing engagement with blockchain and digital assets. The company emphasized that this move reflects its confidence in the long-term value of the blockchain networks supporting Bitcoin and Solana.

Munaf Ali, co-founder and CEO of Phoenix Group, highlighted that the firm’s decision to hold digital assets is not just about visibility but also about adapting to an evolving financial landscape. He stated that Phoenix Group sees itself as more than a mining company, positioning itself as a faith-driven digital infrastructure group. The company stressed that its treasury strategy is aligned with its belief in the future potential of these networks.

The strategic allocation of Bitcoin and Solana into the company’s reserves underscores a broader trend of institutional adoption of digital assets. While the move signals strong market confidence, it also reflects a shift in how traditional financial institutions are integrating cryptocurrencies into their portfolios. This development in the UAE adds to the growing momentum for digital assets in the Middle East.

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Source: [1]Good News for Bitcoin (BTC) and This Altcoin from the United Arab Emirates (UAE)! "A First!" (https://coinmarketcap.com/community/articles/688b909c2a5e9263651f73f6/)