Phoenix Digital Assets, a prominent crypto investor, forecasts a bull market following an increase in profits.
- The firm sold over £60 million worth of digital assets, reinvesting £26 million.
- A pre-tax profit of £18.7 million was recorded, more than doubling last year’s figures.
- Executive Chairman expresses strong optimism for the crypto market through 2025.
- Cryptocurrency prices, including Bitcoin, show significant recovery this year.
Phoenix Digital Assets, a distinguished investor in large-cap liquid cryptocurrencies, has made a prediction of a ‘coming bull market’ as its profits have risen considerably. In the first half of the year, the company sold more than £60 million worth of digital assets and tokens, reinvesting £26 million to secure a pre-tax profit of £18.7 million, significantly surpassing the profits of the previous year.
According to Executive Chairman Jonathan Bixby, the firm’s success is attributed to its ‘prudent investment thesis during the crypto winter of 2022/23.’ He stressed that the market had experienced a significant consolidation phase, and with a strategic realignment of their portfolio of liquid assets, Phoenix Digital Assets is poised to capitalize on what they confidently perceive as an incoming bull market extending well into 2025.
The company’s shares have shown remarkable performance, rising by 0.1% to 4.4p and more than doubling since the start of the year. This optimistic outlook aligns with the resurgence in cryptocurrency values, most notably Bitcoin, which had reached lows of $16,000 at the beginning of last year but dramatically increased to as high as $70,000 by spring 2024. Other digital tokens have demonstrated similar upward movements.
Data acquired from Coinmarketcap indicates that the combined value of all cryptocurrencies currently stands at $2.2 trillion, effectively doubling from last year’s lows. However, this still lags behind the peak of $2.8 trillion observed at the beginning of 2021.
Phoenix Digital Assets remains optimistic about a forthcoming bull market, supported by their robust profit growth and strategic market positioning.
