随着数字资产崩溃，凤凰集团跌至1.53亿美元亏损

总部位于阿布扎比的公司，该公司在交易中运营，主持

The first UAE-listed Bitcoin (BTC) mining company, Phoenix Group (ADX: PHX), reported a first-quarter loss of $153.6 million, a stark reversal from the $66.2 million profit in Q1 2024, as the company faced significant unrealized losses on its digital asset holdings.

第一家阿联酋的比特币（BTC）矿业公司Phoenix Group（ADX：PHX）报告说，第一季度亏损为1.536亿美元，这是该公司在2024年第1季度的6620万美元中的巨大逆转，因为该公司在其数字资产持有率上面临着不实现的损失。

The Abu Dhabi-based company, which operates across trading, hosting, mining and investment verticals, saw its revenue drop by 54.7% to $31.3 million in Q1 2025, compared to $68.9 million in Q1 2024, according to its financial statements released this week.

根据本周发布的财务报道，这家总部位于阿布扎比的公司跨越贸易，托管，矿业和投资垂直行业，其收入下跌了54.7％，至2025年第1季度的收入下降了3130万美元，而在2024年第1季度为6890万美元。

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.

盈利能力的大幅下降主要归因于以公允价值或损失持有的数字资产的1.424亿美元损失，与去年可比时期的未实现的7310万美元相比鲜明对比。

Phoenix Group Financial Metrics: Q1 2024 vs Q1 2025

Phoenix集团金融指标：Q1 2024 vs Q1 2025

Financial Metric

财务指标

Q1 2024

Q1 2025

Change

改变

% Change

％ 改变

Revenue

收入

$68.9M

6890万美元

$31.3M

$ 3130万

-$37.6M

- 3760万美元

-54.7%

-54.7％

Gross Profit

毛利

$23.3M

2330万美元

$6.3M

630万美元

-$17.0M

- $ 1700万

-73.0%

-73.0％

Net Income/(Loss)

净收入/（损失）

$66.2M

6620万美元

-$153.6M

- 1.536亿美元

-$219.8M

- 2.198亿美元

-332.0%

-332.0％

Digital Assets Value

数字资产价值

$273.2M

2.732亿美元

$300.9M

30090万美元

+$27.7M

+$ 2770万美元

+10.1%

+10.1％

Unrealized Gain/(Loss) on Digital Assets

数字资产的未实现收益/（损失）

$73.1M

7310万美元

-$142.4M

- 1.424亿美元

-$215.5M

2.155亿美元

-295.0%

-295.0％

Mining Revenue

采矿收入

$21.6M

$ 2160万

$20.7M

2070万美元

-$0.9M

- 90万美元

-4.2%

-4.2％

Trading Revenue (ASIC sales, etc.)

交易收入（ASIC销售等）

$27.7M

2770万美元

$6.8M

680万美元

-$20.9M

- $ 2090万美元

-75.5%

-75.5％

The company's total assets decreased to $810.4 million as of March 31, 2025, compared to $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.

截至2025年3月31日，该公司的总资产降至8.1亿美元，而截至2024年12月底，该公司的资产为9.624亿美元。在同一时期，数字资产构成了公司持股的很大一部分，其价值从4.415亿美元下降至3亿美元。

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.

全年2024年的报告还显示，尽管采矿收入飙升了近240％至1.07亿美元，但收入和利润的同比下降了20-30％。该公司表示，如果不是在第4季度2024年“多次一次一次性交易”，则净结果将显示“仅” 7％的损失。这包括与凤凰集团从顺式区域退出相关的费用。

Despite challenges, the company is focusing on its growth ambitions.

尽管面临挑战，该公司仍在专注于其增长野心。

Phoenix Aims for Top 5 Spot Among Bitcoin Miners

凤凰城的目标是比特币矿工中的前五名

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.

在2025年第1季度，挖矿利润率提高到30％，高于上一季度的24％。 Phoenix Group声称它目前是世界十大比特币矿工之一，旨在到2026年，在BTC矿业和AI数据中心运营中闯入前五名。

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.

朝着该目标迈出的关键一步是在德克萨斯州开设了一个20兆瓦的遗址，这将其总运营能力提高到了五个国家 /地区的500兆瓦。

“Phoenix Group's position as a top 10 global Bitcoin miner, underpinned by our strategic site locations in Canada, Ethiopia, Oman, the UAE, and the U.S., provides us inherent resilience to market fluctuations,” said Munaf Ali, CEO and Co-Founder.

“凤凰集团在加拿大，埃塞俄比亚，阿曼，阿联酋和美国的战略地点的基础上，是全球十大全球比特币矿工的地位，为我们提供了对市场波动的固有弹性，”首席执行官兼联合创始人Munaf Ali说。

“The launch of our Texas facility strengthens our operational base in North America while reinforcing our industry-leading mining infrastructure and global diversification strategy.”

“我们的德克萨斯州设施的推出增强了我们在北美的运营基础，同时加强了我们行业领先的采矿基础设施和全球多元化战略。”

Self-Mining Activity Declines

自矿工活动下降

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.

凤凰集团在2025年第1季度的毛利润下降至630万美元，而第1季度为2024年的2330万美元。一般和行政费用从同比的610万美元增加到840万美元，这进一步迫使盈利能力加剧。

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.

该公司的采矿收入是从其高性能计算业务产生的，在2025年第1季度为2070万美元，低于去年同期报告的2160万美元。