The decline of over 300% was primarily driven by unrealized losses on digital assets as cryptocurrency market volatility intensified.
However, gross mining margins improved to 30% in Q1 2025, up from 24% in the previous quarter.
Phoenix
Group, the first UAE-listed Bitcoin (BTC) mining company (ADX: PHX), reported a loss
of $153.6 million for the first quarter of 2025, a stark reversal from the
$66.2 million profit recorded in the same period last year, as the company
faced significant unrealized losses on its digital asset holdings.
Phoenix Group Plunges into
$153M Loss as Digital Assets Crumble
The
substantial decline in profitability was primarily attributed to an unrealized
loss of $142.4 million on digital assets held at fair value through profit or
loss, contrasting sharply with an unrealized gain of $73.1 million in the
comparable period last year.
Phoenix Group Financial
Metrics: Q1 2024 vs Q1 2025
Financial Metric
Q1 2024
Q1 2025
Change
% Change
Revenue
$68.9M
$31.3M
-$37.6M
-54.7%
Gross Profit
$23.3M
$6.3M
-$17.0M
-73.0%
Net Income/(Loss)
$66.2M
-$153.6M
-$219.8M
-332.0%
Digital Assets Value
$273.2M
$300.9M
+$27.7M
+10.1%
Unrealized
Gain/(Loss) on Digital Assets
$73.1M
-$142.4M
-$215.5M
-295.0%
Mining Revenue
$21.6M
$20.7M
-$0.9M
-4.2%
Trading
Revenue (ASIC sales, etc.)
$27.7M
$6.8M
-$20.9M
-75.5%
The
company's total assets decreased to $810.4 million as of March 31, 2025, down
from $962.4 million at the end of December 2024. Digital assets, which form a
substantial portion of the company's holdings, saw their value decline to
$300.9 million from $441.5 million over the same period.
The
full-year 2024 report also
showed a 20–30% year-over-year decline in both revenue and profit, despite
mining revenue surging nearly 240% to $107 million. The company stated that net
results would have shown a loss of “only” 7% if not for “multiple one-off
transactions” in Q4 2024. These included costs tied to Phoenix Group’s exit
from the CIS region.
Despite
challenges, the company is focusing on its growth ambitions.
Phoenix Aims for Top 5
Spot Among Bitcoin Miners
Gross
mining margins improved to 30% in Q1 2025, up from 24% in the previous quarter.
Phoenix Group claims it is currently among the world’s top 10 Bitcoin miners
and aims to break into the top five by 2026, both in BTC mining and AI data
center operations.
A key step
toward that goal was the launch of a 20-megawatt site in Texas, which boosted
its total operational capacity to over 500 megawatts across five countries.
“The launch
of our Texas facility strengthens our operational base in North America while
reinforcing our industry-leading mining infrastructure and global
diversification strategy,” he added.
Self-Mining Activity Declines
Phoenix
Group's gross profit fell to $6.3 million in Q1 2025, compared to $23.3 million
in Q1 2024. General and administrative expenses increased to $8.4 million from
$6.1 million year-over-year, further pressuring profitability.
The
company's mining revenue, generated from its high-performance computing
operations, amounted to $20.7 million in Q1 2025, marginally lower than the
$21.6 million reported in the same period last year.
“Bitcoin’s
average price improved by 12% from $83K in Q4'24 to $94K in Q1'25, but gains
were offset by a 12.5% decrease in mining rewards due to higher network
difficulty,” the company wrote in a statement.
Moreover,
revenue from sales of ASIC machines, wallets, and equipment dropped
significantly to $6.8 million from $27.7 million.
Looking
ahead, the company faces additional challenges. After the reporting date, there
was a significant decline in the market value of certain digital assets held by
the Group. The estimated reduction in value of MMX Token held by the Group is
approximately 85%, equivalent to around $41.9 million, according to a note in
the financial statements.
From Abu Dhabi to Wall
Street
A year ago,
FinanceMagnates.com reported that Phoenix became Abu Dhabi Securities Exchange’s
(ADX) first Bitcoin mining company—a type of business more commonly seen in
markets like the United States. After
raising $370 million in its IPO, the firm later published financial results
showing its revenue had dropped to one-third of the previous year’s total.
Nonetheless, it managed to grow its asset base significantly.
In March,
Phoenix announced that its CEO Ali, had expanded his stake in the company.
Since November 2024, he has purchased over 20 million ordinary shares through
open market transactions.
Phoenix
Group, the first UAE-listed Bitcoin (BTC) mining company (ADX: PHX), reported a loss
of $153.6 million for the first quarter of 2025, a stark reversal from the
$66.2 million profit recorded in the same period last year, as the company
faced significant unrealized losses on its digital asset holdings.
Phoenix Group Plunges into
$153M Loss as Digital Assets Crumble
The
substantial decline in profitability was primarily attributed to an unrealized
loss of $142.4 million on digital assets held at fair value through profit or
loss, contrasting sharply with an unrealized gain of $73.1 million in the
comparable period last year.
Phoenix Group Financial
Metrics: Q1 2024 vs Q1 2025
Financial Metric
Q1 2024
Q1 2025
Change
% Change
Revenue
$68.9M
$31.3M
-$37.6M
-54.7%
Gross Profit
$23.3M
$6.3M
-$17.0M
-73.0%
Net Income/(Loss)
$66.2M
-$153.6M
-$219.8M
-332.0%
Digital Assets Value
$273.2M
$300.9M
+$27.7M
+10.1%
Unrealized
Gain/(Loss) on Digital Assets
$73.1M
-$142.4M
-$215.5M
-295.0%
Mining Revenue
$21.6M
$20.7M
-$0.9M
-4.2%
Trading
Revenue (ASIC sales, etc.)
$27.7M
$6.8M
-$20.9M
-75.5%
The
company's total assets decreased to $810.4 million as of March 31, 2025, down
from $962.4 million at the end of December 2024. Digital assets, which form a
substantial portion of the company's holdings, saw their value decline to
$300.9 million from $441.5 million over the same period.
The
full-year 2024 report also
showed a 20–30% year-over-year decline in both revenue and profit, despite
mining revenue surging nearly 240% to $107 million. The company stated that net
results would have shown a loss of “only” 7% if not for “multiple one-off
transactions” in Q4 2024. These included costs tied to Phoenix Group’s exit
from the CIS region.
Despite
challenges, the company is focusing on its growth ambitions.
Phoenix Aims for Top 5
Spot Among Bitcoin Miners
Gross
mining margins improved to 30% in Q1 2025, up from 24% in the previous quarter.
Phoenix Group claims it is currently among the world’s top 10 Bitcoin miners
and aims to break into the top five by 2026, both in BTC mining and AI data
center operations.
A key step
toward that goal was the launch of a 20-megawatt site in Texas, which boosted
its total operational capacity to over 500 megawatts across five countries.
“The launch
of our Texas facility strengthens our operational base in North America while
reinforcing our industry-leading mining infrastructure and global
diversification strategy,” he added.
Self-Mining Activity Declines
Phoenix
Group's gross profit fell to $6.3 million in Q1 2025, compared to $23.3 million
in Q1 2024. General and administrative expenses increased to $8.4 million from
$6.1 million year-over-year, further pressuring profitability.
The
company's mining revenue, generated from its high-performance computing
operations, amounted to $20.7 million in Q1 2025, marginally lower than the
$21.6 million reported in the same period last year.
“Bitcoin’s
average price improved by 12% from $83K in Q4'24 to $94K in Q1'25, but gains
were offset by a 12.5% decrease in mining rewards due to higher network
difficulty,” the company wrote in a statement.
Moreover,
revenue from sales of ASIC machines, wallets, and equipment dropped
significantly to $6.8 million from $27.7 million.
Looking
ahead, the company faces additional challenges. After the reporting date, there
was a significant decline in the market value of certain digital assets held by
the Group. The estimated reduction in value of MMX Token held by the Group is
approximately 85%, equivalent to around $41.9 million, according to a note in
the financial statements.
From Abu Dhabi to Wall
Street
A year ago,
FinanceMagnates.com reported that Phoenix became Abu Dhabi Securities Exchange’s
(ADX) first Bitcoin mining company—a type of business more commonly seen in
markets like the United States. After
raising $370 million in its IPO, the firm later published financial results
showing its revenue had dropped to one-third of the previous year’s total.
Nonetheless, it managed to grow its asset base significantly.
In March,
Phoenix announced that its CEO Ali, had expanded his stake in the company.
Since November 2024, he has purchased over 20 million ordinary shares through
open market transactions.
Damian Chmiel is a Senior Analyst & Editor at Finance Magnates with more than 15 years of experience in the CFD and online trading industry. Active as both a trader and journalist since 2010, he focuses on broker coverage, fintech innovation, and regulatory developments across Europe, the Middle East, and Asia.
His work includes interviews with C-level leaders at major brokerages and fintech platforms, as well as co-authoring Finance Magnates’ quarterly industry benchmarking reports. Damian’s reporting is data-driven, market-aware, and grounded in direct industry engagement. His analysis and commentary have also been cited by external media outlets, including Investing.com, Binance, The Asset, Stockhead, and Dispatch.
Education:
MA in Finance and Accounting, Cracow University of Economics
Retail Traders Get Tokenized US IPO Allocations at Offer Price as Payward Expands xStocks
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Insight into the physical market dynamics driving retail demand across Southeast Asia, from central bank buying to store-of-value purchases
Understanding of Singapore's distinct role as APAC's bullion gateway, and competition near and far
Perspective on operational challenges unique to APAC: kilogram pricing, local delivery, and bridging CFD and physical bullion infrastructure
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This session gathers practitioners from across the bullion ecosystem to unpack what the rally means on the ground in APAC.
Attendees will walk away with:
Insight into the physical market dynamics driving retail demand across Southeast Asia, from central bank buying to store-of-value purchases
Understanding of Singapore's distinct role as APAC's bullion gateway, and competition near and far
Perspective on operational challenges unique to APAC: kilogram pricing, local delivery, and bridging CFD and physical bullion infrastructure
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This session gathers practitioners from across the bullion ecosystem to unpack what the rally means on the ground in APAC.
Attendees will walk away with:
Insight into the physical market dynamics driving retail demand across Southeast Asia, from central bank buying to store-of-value purchases
Understanding of Singapore's distinct role as APAC's bullion gateway, and competition near and far
Perspective on operational challenges unique to APAC: kilogram pricing, local delivery, and bridging CFD and physical bullion infrastructure
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Attendees will walk away with:
A clear view of setup requirements in both markets: entity structures, timelines, and what first-time operators tend to get wrong
Understanding of the offshore broker model and how compliant operators work within domestic restrictions in each jurisdiction
Insight into talent acquisition, client onboarding, and distribution in markets where language, culture, and acquisition channels don't follow standard APAC assumptions
Perspective on adjacent Southeast Asian markets worth monitoring for the next regional move
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This session gathers practitioners with on-the-ground experience in both markets to examine what it takes to build and run operations in Thailand and Vietnam.
Attendees will walk away with:
A clear view of setup requirements in both markets: entity structures, timelines, and what first-time operators tend to get wrong
Understanding of the offshore broker model and how compliant operators work within domestic restrictions in each jurisdiction
Insight into talent acquisition, client onboarding, and distribution in markets where language, culture, and acquisition channels don't follow standard APAC assumptions
Perspective on adjacent Southeast Asian markets worth monitoring for the next regional move
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This session gathers practitioners with on-the-ground experience in both markets to examine what it takes to build and run operations in Thailand and Vietnam.
Attendees will walk away with:
A clear view of setup requirements in both markets: entity structures, timelines, and what first-time operators tend to get wrong
Understanding of the offshore broker model and how compliant operators work within domestic restrictions in each jurisdiction
Insight into talent acquisition, client onboarding, and distribution in markets where language, culture, and acquisition channels don't follow standard APAC assumptions
Perspective on adjacent Southeast Asian markets worth monitoring for the next regional move
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This session gathers practitioners with on-the-ground experience in both markets to examine what it takes to build and run operations in Thailand and Vietnam.
Attendees will walk away with:
A clear view of setup requirements in both markets: entity structures, timelines, and what first-time operators tend to get wrong
Understanding of the offshore broker model and how compliant operators work within domestic restrictions in each jurisdiction
Insight into talent acquisition, client onboarding, and distribution in markets where language, culture, and acquisition channels don't follow standard APAC assumptions
Perspective on adjacent Southeast Asian markets worth monitoring for the next regional move
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Attendees will walk away with:
A clear view of setup requirements in both markets: entity structures, timelines, and what first-time operators tend to get wrong
Understanding of the offshore broker model and how compliant operators work within domestic restrictions in each jurisdiction
Insight into talent acquisition, client onboarding, and distribution in markets where language, culture, and acquisition channels don't follow standard APAC assumptions
Perspective on adjacent Southeast Asian markets worth monitoring for the next regional move
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Insight into which services, products, and benefits increase trust and LTV.
Examples of offerings that scale without inflating cost or operational burden.
Lessons from leading brokers on growing premium segments and what’s next.
High-net-worth traders account for an outsized portion of revenues for various retail brokers.
This session will gather heads of premium, acquisition, and product experts to reveal how they build their client base in Asia.
Attendees will walk away with:
Understanding of how brokers view premium clients (beyond deposit size).
Insight into which services, products, and benefits increase trust and LTV.
Examples of offerings that scale without inflating cost or operational burden.
Lessons from leading brokers on growing premium segments and what’s next.
High-net-worth traders account for an outsized portion of revenues for various retail brokers.
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Attendees will walk away with:
Understanding of how brokers view premium clients (beyond deposit size).
Insight into which services, products, and benefits increase trust and LTV.
Examples of offerings that scale without inflating cost or operational burden.
Lessons from leading brokers on growing premium segments and what’s next.
High-net-worth traders account for an outsized portion of revenues for various retail brokers.
This session will gather heads of premium, acquisition, and product experts to reveal how they build their client base in Asia.
Attendees will walk away with:
Understanding of how brokers view premium clients (beyond deposit size).
Insight into which services, products, and benefits increase trust and LTV.
Examples of offerings that scale without inflating cost or operational burden.
Lessons from leading brokers on growing premium segments and what’s next.
High-net-worth traders account for an outsized portion of revenues for various retail brokers.
This session will gather heads of premium, acquisition, and product experts to reveal how they build their client base in Asia.
Attendees will walk away with:
Understanding of how brokers view premium clients (beyond deposit size).
Insight into which services, products, and benefits increase trust and LTV.
Examples of offerings that scale without inflating cost or operational burden.
Lessons from leading brokers on growing premium segments and what’s next.
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Perspective on what institutional investors need to move toward actual digital asset capital deployment
The persisting price drops test the industry's commitment to crypto adoption. While on-chain innovation is making headway across market mechanics, from stablecoins to tokenization, investors remains cautious.
This session brings together market structure experts and institutional investors to explore how a prolonged bear market affects their long-term strategy, and where the opportunities lie ahead of the next cycle.
Attendees will walk away with:
First-hand account of the bear market's impact on various industry players
Understanding of what custody, connectivity, and settlement gaps still hamper growth in APAC
Insight into how client mandates and operational readiness are shaping who moves and who waits
Perspective on what institutional investors need to move toward actual digital asset capital deployment
The persisting price drops test the industry's commitment to crypto adoption. While on-chain innovation is making headway across market mechanics, from stablecoins to tokenization, investors remains cautious.
This session brings together market structure experts and institutional investors to explore how a prolonged bear market affects their long-term strategy, and where the opportunities lie ahead of the next cycle.
Attendees will walk away with:
First-hand account of the bear market's impact on various industry players
Understanding of what custody, connectivity, and settlement gaps still hamper growth in APAC
Insight into how client mandates and operational readiness are shaping who moves and who waits
Perspective on what institutional investors need to move toward actual digital asset capital deployment
The persisting price drops test the industry's commitment to crypto adoption. While on-chain innovation is making headway across market mechanics, from stablecoins to tokenization, investors remains cautious.
This session brings together market structure experts and institutional investors to explore how a prolonged bear market affects their long-term strategy, and where the opportunities lie ahead of the next cycle.
Attendees will walk away with:
First-hand account of the bear market's impact on various industry players
Understanding of what custody, connectivity, and settlement gaps still hamper growth in APAC
Insight into how client mandates and operational readiness are shaping who moves and who waits
Perspective on what institutional investors need to move toward actual digital asset capital deployment
The persisting price drops test the industry's commitment to crypto adoption. While on-chain innovation is making headway across market mechanics, from stablecoins to tokenization, investors remains cautious.
This session brings together market structure experts and institutional investors to explore how a prolonged bear market affects their long-term strategy, and where the opportunities lie ahead of the next cycle.
Attendees will walk away with:
First-hand account of the bear market's impact on various industry players
Understanding of what custody, connectivity, and settlement gaps still hamper growth in APAC
Insight into how client mandates and operational readiness are shaping who moves and who waits
Perspective on what institutional investors need to move toward actual digital asset capital deployment
The persisting price drops test the industry's commitment to crypto adoption. While on-chain innovation is making headway across market mechanics, from stablecoins to tokenization, investors remains cautious.
This session brings together market structure experts and institutional investors to explore how a prolonged bear market affects their long-term strategy, and where the opportunities lie ahead of the next cycle.
Attendees will walk away with:
First-hand account of the bear market's impact on various industry players
Understanding of what custody, connectivity, and settlement gaps still hamper growth in APAC
Insight into how client mandates and operational readiness are shaping who moves and who waits
Perspective on what institutional investors need to move toward actual digital asset capital deployment
