Phoenix Group PLC, a prominent player in cryptocurrency mining and blockchain, listed on the Abu Dhabi securities market, has taken a substantial leap in the Bitcoin mining sector. The firm announced a major investment of $187 million to enhance its standing in the global Bitcoin mining industry.
Phoenix Computer Equipment, a subsidiary of Phoenix Group, disclosed on the Abu Dhabi Securities Exchange (ADX) that it has finalized an agreement with Bitmain Development PTI Ltd. This agreement, concluded through Cypher Capital DMCC, involves purchasing the latest Bitcoin mining machines.
This acquisition, already completed with all necessary procedures finalized, positions Phoenix to significantly boost its hashing power. The company aims to become a leading force in the global Bitcoin mining sector, leveraging this investment.
In December 2023, Phoenix Group disclosed a $380-million new purchase of hardware equipment from WhatsMiner. This investment was aimed at expanding its portfolio of hydro cooling rigs, marking WhatsMiner’s most significant order in two years.
Phoenix Group debuted trading on the Abu Dhabi Securities Exchange in December 2023, becoming one of the Middle East’s first publicly listed industry firms. The company reported a market cap of 14.5 billion AED ($3.95 billion) as of January 4, 2024. Its share price rose to 2.32 UAE dirhams ($0.63).
Following its successful IPO and the partnership with WhatsMiner, the Bitmain deal further amplifies Phoenix Group’s hashing power and market share. This series of strategic moves underscores the company's commitment to dominating the Bitcoin mining landscape.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.