Phoenix Group PLC, a cryptocurrency mining and blockchain firm listed on the Abu Dhabi securities market, is investing $187 million to strengthen its position in the Bitcoin mining sector. The company’s subsidiary, Phoenix Computer Equipment, has announced an agreement with Bitmain Development PTI Ltd to purchase the latest mining machines. The deal, concluded through Cypher Capital DMCC, has been finalized and all necessary procedures have been completed.
The agreement allows Phoenix to increase its hashing power and continue its journey to become a global leader in Bitcoin mining. In December 2023, Phoenix Group announced a $380-million purchase of hardware equipment from WhatsMiner. This acquisition is aimed at expanding its portfolio of hydro cooling rigs, marking WhatsMiner’s largest order in two years.
Phoenix Group also began trading on the Abu Dhabi Securities Exchange in December 2023, becoming one of the first publicly listed industry firms in the Middle East. The company’s share price rose to 2.32 AED (USD 0.63), and it now boasts a market cap of 14.5 billion AED (USD 3.95 billion) as of January 4, 2024.
The company successfully closed its IPO with an oversubscription of 33 times on November 18, with its offer of 907,323,529 shares experiencing “overwhelming demand”. Retail investors oversubscribed the offering 180 times, while professional investors contributed to a 22-fold oversubscription.
The partnership with Whatsminer and the successful IPO, coupled with the Bitmain deal, have significantly increased Phoenix Group’s hashing power and market share. However, Phoenix Group has not provided further details on the acquisition at the time of publication.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇦🇪 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | None |
| Companies | WhatsMiner, Phoenix Group PLC, Phoenix Computer Equipment, Cypher Capital DMCC, Bitmain Development PTI Ltd |
| Currencies | united states dollar, United Arab Emirates Dirham, Bitcoin |
| Securities | None |
