UAE’s Phoenix Group plans to launch IPO on Abu Dhabi Securities Exchange

Phoenix Group, the Abu Dhabi-based blockchain and crypto options firm, on Friday stated it might go public because it goals to increase and enhance its choices.

Based in 2017, Phoenix goals to drift its preliminary public providing on the Abu Dhabi Securities Trade. It has not specified the timeline or dimension of the IPO.

Phoenix stated it might be the primary privately owned crypto and blockchain entity to be listed on a Center East inventory market.

“The upcoming IPO won’t solely be a testomony to our previous achievements however a transparent sign of our ambitions,” Phoenix’s co-founders Bijan Alizadeh and Munaf Ali stated.

“Our goal is to have the ability to assist create a extra resilient, inclusive and diversified world blockchain economic system, and this IPO is simply step one in direction of attaining that objective.”

Phoenix presents a spread of companies, equivalent to cloud mining, knowledge centre internet hosting, crypto buying and selling, and Web3 recreation publishing and distribution.

With a complete put in capability of 725MW, it develops, operates and manages crypto mining knowledge centres throughout the UAE, Oman, US, Canada and Commonwealth of Impartial States international locations.

It is usually the unique distributor of mining gear MicroBT.

In August, Phoenix started collaborating with Muscat-based Inexperienced Knowledge Metropolis to develop a $300 million crypto-mining farm in Oman. The 150MW farm might be one of many largest crypto-mining knowledge centres within the area.

Total, the cryptocurrency business has struggled with continued value declines since final 12 months.

Bitcoin, the primary and largest cryptocurrency, fell under $16,000 in November – a 12 months after it hit a peak of just about $68,000 – after a sequence of occasions rattled the business.