Everything in Observer
Public Companies
Business Description
Phoenix Group PLC, founded in 2017 and headquartered in Abu Dhabi, UAE, is a publicly listed Bitcoin mining and digital-asset conglomerate operating more than 500 megawatts of capacity across the UAE, United States, Canada, Oman, and Ethiopia.
The company listed on the Abu Dhabi Securities Exchange (ADX) under ticker PHX in December 2023, raising $370 million in an IPO that was 33 times oversubscribed, making it the first cryptocurrency and blockchain entity to list on a Middle East stock exchange. Shares surged as much as 50% on opening day.
Phoenix Group's operations span four verticals: self-mining, third-party hosting, trading, and investments. It runs the largest Bitcoin mining facility in the MENA region and ranks among the top-10 Bitcoin miners globally by hashrate. In FY2024, the company generated total gross revenue of $206 million, with Bitcoin self-mining revenue reaching $107 million, a 236% year-over-year gain from $32 million in 2023, and recorded a net profit of $167 million. Total debt stood at approximately $16 million at year-end, making Phoenix among the least-leveraged large-scale miners in the sector.
Geographic expansion accelerated through 2025. In January 2025, Phoenix energized a 50 MW facility in North Dakota, USA, adding more than 2.7 EH/s to its global hashrate, and signed an 80 MW power purchase agreement in Ethiopia, its first African operation anchored by a 30 MW hydropower site. By April 2025, Ethiopian live capacity reached 82 MW, pushing total global operational capacity above 500 MW. The company exited the CIS region citing regulatory uncertainty, redeploying capital toward self-mining rather than lower-margin hosting and trading activities.
As of Q4 2025, Phoenix's average contribution to the global Bitcoin network stood at 15.9 EH/s, approximately 1.5% of global hashrate, driven by expanded Ethiopian capacity and full utilization of its UAE Citadel facility. Fleet efficiency reached 20.6 J/TH in Q4 2025. Q4 2025 gross revenue was $25 million with 351.7 BTC mined during the quarter; FY2025 adjusted EBITDA was $3.4 million, a 285% year-over-year improvement. Self-mining Bitcoin revenue grew 219% over two years, from $13 million in H1 2023 to $41.7 million in H1 2025.
In Q2 2025, Phoenix formalized a digital-asset treasury exceeding $150 million, comprising 514 BTC and more than 630,000 SOL. Leadership transitioned in December 2024 when co-founder Munaf Ali, who held executive roles at Citigroup across London and the UAE, was named CEO; co-founder Bijan Alizadehfard moved to a senior advisory role while retaining a major shareholding. Phoenix has publicly disclosed it is exploring a secondary listing on Nasdaq.
