Phoenix Group, a Bitcoin mining company listed in the UAE, recorded several revenue declines in Q1 2025. In the mining sector, revenues were 31.3 million dollars, a decrease of -54.7% compared to the 68.9 million dollars of the first quarter of 2024.
Bitcoin mining and Phoenix Group: revenues down by 54.7% in Q1 2025
Phoenix Group, a Bitcoin mining company listed in the United Arab Emirates, has published its Q1 2025 financial results, recording several revenue declines.
According to what is reported, in fact, the company based in Abu Dhabi would have recorded total revenues of 31.3 million dollars in Q1 2025, a decline of -54.7% compared to the 68.9 million dollars of the first quarter of 2024.
In reality, in the same period, the company’s bitcoin mining revenues amounted to 20.7 million dollars. Here too, there was a decline, although only -4.2% compared to the 21.6 million dollars recorded in Q1 2024.
Not only that, Phoenix Group also sees a decrease in the company’s total assets, which reached 810.4 million dollars as of March 31, 2025. Nothing to do with the 962.4 million dollars at the end of December 2024.
Phoenix Group operates in the sectors of trading, hosting, mining, and investments. In fact, despite the various challenges it must face and overcome, the company seems to be increasingly ambitious.
Bitcoin mining: Phoenix Group aims to be in the top 5 by 2026
The declines recorded by Phoenix Group appear to have been attributed to significant unrealized losses on its digital assets.
In any case, the company is said to be ambitious to enter the ranking of the top 5 bitcoin miners worldwide by 2026.
At the moment, Phoenix Group is already in the top 10 Bitcoin miners by market capitalization. Exactly, the UAE company is in sixth place thanks to its 1.47 billion dollars of market cap.
His goal can be achievable thanks to the latest strategy implemented by the company. In fact, Phoenix Group has launched a 20-megawatt site in Texas, bringing its total operational capacity to over 500 megawatts in five countries.
In this regard, Munaf Ali, CEO and co-founder of Phoenix commented:
“Phoenix Group’s position among the top 10 Bitcoin miners worldwide, supported by our strategic locations in Canada, Ethiopia, Oman, United Arab Emirates, and the United States, provides us with intrinsic resilience to market fluctuations. The launch of our facility in Texas strengthens our operational base in North America, while simultaneously reinforcing our industry-leading mining infrastructure and our global diversification strategy.”
USA: rapid growth and innovation thanks to the support of Trump
While Phoenix Group has become the first Bitcoin mining company on the Abu Dhabi Securities Exchange (ADX), the main companies in the sector seem to be primarily in the USA.
In this regard, recently, there has been talk about how the Bitcoin mining sector in the United States is experiencing a phase of rapid growth and innovation. This is possible thanks to the support of the administration led by Trump.
In fact, Howard Luntick, Secretary of Commerce of the USA, the country aims to accelerate Bitcoin mining through a new Investment Accelerator program.
This is a project that aims to create strategic energy infrastructures, near natural gas sources, also focusing on including Bitcoin in national economic accounts.
Precisely in this scenario, is born American Bitcoin, the mining company co-founded by Eric Trump, son of the President of the USA.
