Phoenix Group, a company focusing on blockchain and cryptocurrency solutions, has announced its plans to become publicly traded in order to expand its range of services.
Established in 2017, Phoenix plans to launch its initial public offering on the Abu Dhabi Securities Exchange.
Phoenix Aims to Make History on the Middle East Stock Exchange
While specific details regarding the IPO’s timing and size have not been provided, the company emphasized its unique position as the first privately owned cryptocurrency and blockchain entity seeking a listing on a Middle East stock exchange.
“The impending IPO will not only be a testament to our past achievements but a clear signal of our ambitions,” Phoenix’s co-founders Bijan Alizadeh and Munaf Ali said.
“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.”
Phoenix provides a range of services, including cloud mining, data centre hosting, cryptocurrency trading, and the publishing and distribution of Web3 games, according to The National News.
With a combined installed capacity of 725MW, it is responsible for the development, operation, and management of cryptocurrency mining data centres in various locations, including the UAE, Oman, the US, Canada, and Commonwealth of Independent States countries.
Phoenix also holds the exclusive distributorship for mining equipment from MicroBT.
In August, Phoenix initiated a partnership with Green Data City in Muscat to collaborate on a $300 million cryptocurrency mining facility in Oman. This 150MW farm is set to become one of the largest cryptocurrency mining data centres in the region.
The cryptocurrency industry has faced ongoing challenges, with prices declining since the previous year. Bitcoin, the first and most significant cryptocurrency, dropped below $16,000 in November, a considerable decrease from its peak of nearly $68,000 a year earlier, following a series of events that impacted the industry.
