UAE Phoenix Group, an IHC portfolio company and a blockchain and digital asset infrastructure provider that does crypto mining as well announced its Q3 2025 results, which witnessed growth in revenues by 10% to $32 million, announcing that it had sold 100 BTC (Bitcoin) equivalent to approximately $110 million, out of its 782 BTC in holding to fuel fund growth and expansion activities.
In terms of expansion, Phoenix is negotiating multiple new sites across the U.S. and other regions, representing a future capacity addition of around 200 MW. At the same time, the company is leveraging its existing infrastructure to host AI and HPC workloads, aligning its operations with the surging global demand for compute power.
According to the press release, Phoenix maintained a steady hashrate contribution of 10.8 EH/s to the global Bitcoin network during Q3, navigating a 17% rise in global difficulty and scheduled power curtailments at its Citadel facility. While the new capacity of 62 MW in Ethiopia and 44 MW in North America is set to drive further growth in Q4, with an additional 90 MW expected to come online in 2026.
The company’s total self-mining hash rate is projected to reach approximately 13 EH/s by Q1 2026.
During the quarter, Phoenix mined a total of 305.5 BTC, of which 194.9 BTC came from self-mining operations. The company sold 100 BTC during the period to fund growth and expansion activities, ending the quarter with an operational treasury of 682 BTC and over 642,000 SOL.
Munaf Ali, Co-Founder and Group CEO of Phoenix Group, noted that Q3 was a pivotal quarter for them. He explained, “The quarter that not only reflects our operational strength but also sets the stage for Phoenix’s next phase of growth. As we move into Q4 and beyond, our focus is on scaling toward 1 GW of capacity and advancing our entry into AI and high-performance compute. The infrastructure we’ve built over the years is now evolving into a global platform where intelligent energy drives innovation and turns power into progress.”
Additionally, the company recorded a one-time, non-cash impairment of $48.5 million associated with the strategic reallocation of its South Carolina operations. The move is part of an ongoing optimization plan to focus resources on higher-yielding, energy-efficient sites worldwide, improving overall margins and freeing up capital for future high-return projects.
Phoenix Group in Q3 2024 had $35.9 million in revenues
In October 2024, Phoenix in its Q3 2024 results, reported core revenue of $35.9M and investment income of $68.5M. In February 2025, releasing its total figures for 2024, Phoenix Group crypto mining revenues reached $107 million in 2024, compared to $32 million in 2023 and $5.4 million in 2022. This represented a1852% increase over two years.
