Loading...

Bitcoin miner Phoenix splurges nearly $200m on equipment

In this post:

  • Phoenix Group PLC invested $187 million in Bitcoin mining equipment. The deal includes state-of-the-art mining machines from Bitmain Development PTI Ltd.
  • Phoenix aims to boost its hashing power and become a leader in global Bitcoin mining. In December 2023, Phoenix spent $380 million on hardware from WhatsMiner.
  • The company debuted on the Abu Dhabi Securities Exchange in December 2023.

Phoenix Group PLC, the trailblazing firm in the cryptocurrency mining and blockchain arena, recently made a bold move in the Bitcoin mining sector. This group, firmly rooted in the Abu Dhabi securities market, has made a hefty investment of $187 million to escalate its influence and capabilities in the Bitcoin mining landscape.

The deal, conducted through Phoenix Computer Equipment, a subsidiary of Phoenix Group, was disclosed on the Abu Dhabi Securities Exchange (ADX) on January 9, 2023. In an impressive collaboration with Bitmain Development PTI Ltd, Phoenix sealed the deal to acquire state-of-the-art mining machines. This transaction, now finalized, positions Phoenix to significantly enhance its hashing power, propelling it towards its ambitious goal of becoming a global frontrunner in Bitcoin mining.

Phoenix’s Strategic Expansion

Phoenix’s journey isn’t a solitary sprint but a marathon of strategic moves. In December 2023, they announced a whopping $380 million investment in new hardware equipment from WhatsMiner. This purchase, focused on expanding their collection of hydro cooling rigs, marked WhatsMiner’s largest order in a span of two years. Such strategic expansion not only diversifies Phoenix’s technological arsenal but also cements its position as a forward-thinking player in the industry.

The company’s growth trajectory has been nothing short of meteoric. Marking its debut on the Abu Dhabi Securities Exchange in December 2023, Phoenix emerged as one of the Middle East’s pioneering publicly listed industry firms. Following this, its share price escalated to 2.32 UAE dirhams ($0.63). As of January 4, 2024, Phoenix boasts a staggering market cap of 14.5 billion AED ($3.95 billion), a testament to its rapidly growing influence in the financial and tech spheres.

A Ripple in the Market

Phoenix’s initial public offering (IPO) story is one for the books. Concluding on November 18 with an oversubscription 33 times the offering, it showcased the immense confidence the market places in Phoenix. The IPO, featuring 907,323,529 shares, witnessed an overwhelming response, with retail investors oversubscribing 180 times and professional investors contributing to a 22-fold oversubscription. This isn’t just about numbers; it’s a clear signal of the market’s trust in Phoenix’s vision and capabilities.

Following the WhatsMiner partnership and the success of their IPO, the Bitmain deal further amplifies Phoenix Group’s market presence. This recent acquisition not only boosts their hashing power but also solidifies their position as a dominant force in the Bitcoin mining industry. Despite attempts to reach out to Phoenix Group for more insights on this recent acquisition, responses were elusive at the time of publication.

In the dynamic world of cryptocurrency and blockchain, Phoenix Group PLC stands out not just for its financial muscle but also for its strategic foresight and bold decisions. With these recent investments and expansions, Phoenix isn’t just playing the game; they are setting new rules and raising the bar for what’s possible in the Bitcoin mining sector. As they continue to navigate this ever-evolving landscape, one thing is certain: Phoenix is not just a name, but a symbol of relentless pursuit and unwavering ambition in the cryptocurrency world.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Share link:

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Greenidge
Cryptopolitan
Subscribe to CryptoPolitan