Phoenix Group expands mining with $187 million deal after Bitmain IPO
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Phoenix Group is a leading Bitcoin mining company based in the United Arab Emirates that has recently invested heavily in expanding its operations.
Company owned acquired $187 million worth of mining rigs from Bitmain, a leading supplier in the field. The move comes shortly after Phoenix Group invested $136 million to buy the rig.
The acquisition is a strategic step for Phoenix Group following notable achievements such as its groundbreaking partnership with Whatsminer in December 2023 and its successful initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) during the same period.
Bijan Alizadehmfard, co-founder and CEO of Phoenix Group, emphasized the importance of cooperation with industry giants Bitmain and Shenma Mining Machinery. He noted that these collaborations provide the most advanced technology in the field, drive the company’s growth and redefine what is possible for efficient and sustainable cryptocurrency mining.
The impact of these strategic moves was immediately apparent in the market’s reaction to the Phoenix Group IPO. As of January 4, the company’s stock price reached a maximum of 2.32 dirhams (approximately $0.63), and its market value reached 14.5 billion dirhams (approximately $3.95 billion).
