UAE-Based Phoenix Group Announces IPO Plan

Abu Dhabi-based blockchain and crypto solutions company, Phoenix Group, has announced its intention to go public in an effort to enhance its offerings and facilitate expansion.

Established in 2017, the company plans to initiate its initial public offering (IPO) on the Abu Dhabi Securities Exchange, although specifics regarding the timeline and size of the IPO have not been disclosed.

Notably, Phoenix Group aims to become the first privately owned crypto and blockchain entity to be listed on a Middle East stock market.

Co-founders Bijan Alizadeh and Munaf Ali see the impending IPO as a testament to their past accomplishments and a clear indication of their future ambitions.

“Our aim is to be able to help create a more resilient, inclusive and diversified global blockchain economy, and this IPO is just the first step towards achieving that goal,” they added.

Phoenix is a comprehensive service provider in the cryptocurrency realm, offering services like cloud mining, data center hosting, crypto trading, and Web3 game distribution.

Operating across various countries, including the UAE, Oman, US, Canada, and Commonwealth of Independent States, they possess a substantial installed capacity of 725MW for managing crypto mining data centers.

Additionally, they hold the exclusive distribution rights for MicroBT mining equipment.

Notably, they've embarked on a significant collaboration with Green Data City in Oman to develop a massive $300 million crypto-mining farm, aiming to establish one of the region's largest crypto-mining data centers with a capacity of 150MW.

The cryptocurrency industry at large has been grappling with consistent price declines since the previous year, witnessing Bitcoin, the foremost cryptocurrency, drop below $16,000 in November from its peak of nearly $68,000 a year prior due to various industry-shaking events.

Alkesh Sharma / The National