UAE’s multi-billion-dollar tech major Phoenix Group reported a 148 per cent jump in its total assets in the first nine months of 2024 to $977.6 million from $394.1 million in the same year-ago period.
The company also announced a core revenue of $35.9 million and investment income of $68.5 million in Q3 2024.
Phoenix Group said the core revenue is primarily generated from self-mining, with additional contributions from trading and hosting services.
The investment income, drawn from digital assets and other diversified Web3 investments, reflected the company’s active capital deployment strategy, it said.
The company said its Q3 2024 revenue at $35.9 million showed a decline in trading and hosting revenue due to its strategic shift towards deploying more inventory into self-mining.
“Self-mining revenue has shown resilience, with only a 7 per cent quarter-over-quarter decrease, despite the full impact of the halving, increased mining difficulty, and lower bitcoin prices,” it said.
Seyed Mohammad Alizadehfard, Co-Founder and Group CEO of Phoenix Group, the company’s Q3 results reflected the effectiveness of its adaptive investment strategy, particularly within the self-mining sector and across digital assets.
“As we expand into foundational projects and incubation deals, we are well-positioned to provide significant value to our shareholders and support growth in the region’s tech landscape,” he said.
Phoenix Group said it anticipates improvements in mining economics as early indicators of a new bull market begin to emerge.
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