LONDON: Phoenix Digital Assets PLC (AQSE: PNIX) on Monday reported a sharp rise in profits for the fiscal year ended Dec. 31, 2024, and announced a major capital return to shareholders following a significant share buyback.
The company posted a post-tax profit of £19.7 million, up from £17.6 million in 2023, with net asset value rising to £29.1 million. Executives attributed the improved financial performance to continued momentum in digital asset markets.
In June 2024, shareholders approved a buyback of 625 million ordinary shares at 5.39p each — equivalent to the company’s net asset value per share on May 21, 2024 — representing a 35% premium to its then-market price. The £33.7 million transaction reduced Phoenix’s issued share capital by over 57%, from nearly 1.1 billion to approximately 461 million shares.
“The results have exceeded an already strong 2023,” the company said in a statement. “We remain bullish on 2025 as we enter the fourth year of the crypto cycle.”
Phoenix Digital Assets said it intends to continue leveraging its team’s market expertise to generate returns for investors in the digital asset sector.