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Crypto Mining Retailer Phoenix Looks at IPO in UAE: Bloomberg
The UAE-based firm is developing one of the region’s largest mining facilities.
Updated Jul 28, 2023, 7:53 a.m. Published Jul 28, 2023, 7:53 a.m.
Phoenix Technology, a crypto mining hardware retailer and mining facility operator, is considering going public, Bloomberg reported on Friday.
Phoenix is in early stage talks for an initial public offering in Abu Dhabi, the report added, citing sources. A spokesperson for Phoenix Technology declined to comment on the report.
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In 2021, the UAE-based company signed a $650 million deal for mining rigs to bring its capacity up to 1.4 GW. Bijan Alizadeh, the co-founder of Phoenix, told Entrepreneur Magazine in January that he believes the “UAE is the third crypto hub of the world.”
The Gulf has become an increasingly attractive destination for bitcoin miners, thanks to cheap energy and a crypto-friendly regulatory environment. Crypto miner Marathon Digital Holdings (MARA) is building a 250 MW of facilities with a local partner in Abu Dhabi, while rival Crusoe Energy has also said it will expand into Oman and Abu Dhabi.
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The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
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- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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