A London-listed crypto investor has predicted a ‘coming bull market’ as it reported a rise in profits.
Phoenix Digital Assets, which invests in large cap liquid cryptocurrencies, sold more than £60m worth of digital assets and tokens in the first six months of the year, investing a further £26 million to arrive at a pre-tax profit of £18.7 million, more than double the previous year.
The company returned £33.7m through a share tender offer which Executive Chairman Jonathan Bixby said was as result of “our prudent investment thesis through the crypto winter of 2022/23.”
He added: “The market has gone through a large consolidation phase and we remain very bullish on the crypto market well into 2025. We have re-aligned our portfolio of liquid assets to best take advantage of what we believe is the coming crypto bull market.”
Phoenix Digital Assets shares rose 0.1% to 4.4p. The stock has more than doubled since the start of the year.
The chipper tone comes amid a resurgence in the price of Bitcoin, which sunk to as low as $16k by the beginning of last year but rebounded to as high as $70k by the spring of 2024.
Other tokens have moved in lockstep. According to data from Coinmarketcap, the combined value of all cryptocurrencies stands at $2.2 trillion, more than double the lows of last year but behind the peak of $2.8 trillion hit in early 2021.