Phoenix Technology, a mining company in the UAE, has started discussing the possibility of an Initial Public Offering (IPO), according to Bloomberg.
The company is looking to list on the Abu Dhabi exchange this year, according to one of the sources. Aspects such as placement volume, timelines, and further details are still being analyzed.
Phoenix, which was founded in 2015, operates 700MW of mining capacities in Europe, US, Middle East, and Canada. It also retails cryptocurrency mining equipment and hosting services.
It is in the process of developing a mining data center in Abu Dhabi with an installed capacity of 650MW and potential growth of up to 1.4GW, in partnership with the digital asset division of the emirates’s sovereign wealth fund.
According to Luxor professionals, favorable support from authorities is one of the factors contributing to the growth of cryptocurrency mining in the country.
The UAE leadership in 2018 expressed their plan to bring the emirates to the top leaders of the blockchain industry by 2021.
Then in 2023, the UAE Securities and Commodities Authority licensed crypto service providers for operations within the emirate of Dubai.
