Phoenix Group PLC hosts second Annual General Meeting following year of significant strategic evolution
Chairman H.E. Tareq Abdulraheem Al Hosani opened the session by reflecting on Phoenix Group's strategic evolution, the continued focus on its fast-scaling Bitcoin mining operations and expansion into key markets, including North Dakota, Oman, and Canada. He acknowledged the company's agile decision to exit CIS-based operations due to geopolitical risks, allowing Phoenix to strengthen its position in high-growth markets with abundant low-cost energy.
'In 2024, we executed one of our most transformative years to date,' he said. 'By reinforcing our presence across North America and the Gulf, we scaled with discipline, precision, and speed, while maintaining our commitment to transparency, uptime, and operational excellence.'
The financial performance was presented by Group CEO and Board Member Munaf Ali, who provided an overview of the Group's financial performance, highlighting Phoenix Group's 236% year-over-year increase in mining revenue, rising from $32 million in 2023 to $107 million in 2024. Quarter-over-quarter mining income also rose 13% in Q4, with the company's adjusted net income reaching $193 million, adjusting for one-off Q4 accounting items.
'Between 2022 and 2024, Phoenix's mining revenue grew by over 1800%. That's not just growth, but it's scale, delivered efficiently,' Ali said. 'We've expanded our footprint across five countries, energized almost 500MW of capacity, and deployed more than 100,000 mining units worldwide. This year's momentum sets the foundation for what's next: AI compute, data infrastructure, and global financial integration.'
Ali also emphasized Phoenix's long-term reinvestment strategy and highlighted the Company's entry into new digital asset investments (ETH, SOL, TON, and ecosystem projects), inclusion in the ADX FADX 15 Index and MSCI Small Cap Index, along with the collaboration with Tether to develop a UAE dirham-pegged stablecoin.
The AGM agenda included approvals of the Board report, external auditor's report, financial statements, and the appointment of RAI LLP as auditors for FY 2025. No dividends were proposed for the year, which is in line with the company's reinvestment strategy to support continued expansion.
Chairman Al Hosani concluded: 'Phoenix Group is navigating the digital asset space with resilience, innovation, and global ambition. As we move forward, we remain focused on building the future of financial infrastructure from the UAE to the world.'
About Phoenix Group
Phoenix Group is a multi-billion-dollar global technology leader headquartered in Abu Dhabi, UAE. Founded in 2017, the company has rapidly grown and established a global presence, with a diverse portfolio in blockchain, crypto, and technology sectors.
As one of the world's top five Bitcoin miners, Phoenix Group drives innovation, sustainability, and operational excellence, advancing digital asset and blockchain adoption. Phoenix Group operates mining facilities across the UAE, US, Canada, Oman, and Ethiopia, totaling 503 MW capacity.
Phoenix Group is the first crypto and blockchain company in the Middle East listed on the Abu Dhabi Securities Exchange (ADX) and operates the largest mining farm in the MENA region.
Our Annual Report for the year ended December 31, 2024 is available to read on our website.
Phoenix Group PLC media team contact:
Rose Perinchery: media@phoenixgroupuae.com
DGA Group
James Styles / Humza Vanderman: phoenixgroupuae@dgagroup.com
Social presence:
X (Formerly Twitter): https://twitter.com/phoenixgroupuae
LinkedIn: https://www.linkedin.com/company/phoenixgroupuae/
Website: https://phoenixgroupuae.com/
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