Phoenix Group PLC, a blockchain and cryptocurrency mining company listed on the Abu Dhabi Securities Market, has fortified its position in the Bitcoin mining industry with a $187 million purchase. This acquisition is part of the company’s strategy to enhance its mining capabilities and become a leading force in the global Bitcoin mining sector.
A subsidiary of Phoenix Group, Phoenix Computer Equipment, announced on January 9th that it had signed a deal with Bitmain through Cypher Capital DMCC to purchase the latest mining devices. The transaction was successfully completed, adhering to all required procedures.
In December, Phoenix Group placed a significant $380 million order with WhatsMiner, aiming to expand its hydro cooling hardware. This marked one of WhatsMiner’s most substantial orders in two years.
Phoenix Group also became one of the first publicly traded crypto companies in the Middle East after listing on the Abu Dhabi Securities Exchange in December. The company’s market value reached $3.95 billion as of January 4, 2024, with its share price rising to 2.32 dirhams.
Following a successful initial public offering (IPO) on November 18, 2023, which saw an overwhelming demand of 33 times the available shares, Phoenix Group’s partnerships with Whatsminer and the recent deal with Bitmain have significantly increased its hash power and market share. These moves indicate the company’s proactive approach in preparing for the Bitcoin halving event scheduled for April.