According to Bloomberg, Phoenix Technology, a crypto mining hardware vendor and mining facility operator, is considering going public.
According to insiders, Phoenix is in the early stages of planning an initial public offering in Abu Dhabi.
The UAE-based company won a $650 million agreement for mining rigs in 2021, increasing its capacity to 1.4 GW. Phoenix co-founder Bijan Alizadeh told Entrepreneur Magazine in January that he believes the UAE is the world’s third crypto powerhouse.
Because of its low energy costs and crypto-friendly regulatory framework, the Gulf has become an increasingly appealing destination for bitcoin miners.
Marathon Digital Holdings (MARA) is constructing a 250 MW facility in Abu Dhabi with a local partner, while rival Crusoe Energy has also announced plans to expand into Oman and Abu Dhabi.
