Preliminary discussions have been in place for an IPO for Phoenix in Abu Dhabi.
Cheap energy and a crypto-friendly regulatory climate have made the Gulf a popular spot.
Cryptocurrency mining gear supplier and mining facility operator Phoenix Technology is contemplating an IPO as per a Bloomberg report. The article claims that preliminary discussions have been in place for an IPO for Phoenix in Abu Dhabi. The UAE-based firm signed a $650 million contract for mining rigs in 2021, increasing its capacity to 1.4 GW.
Phoenix co-founder Bijan Alizadeh said in January that the United Arab Emirates (UAE) is the “third crypto hub in the world.” Cheap energy and a crypto-friendly regulatory climate have made the Gulf a popular spot for Bitcoin miners.
On the other hand, Marathon Digital Holdings, a cryptocurrency miner, is constructing 250 MW of facilities in Abu Dhabi with a local partner. While Crusoe Energy, a competitor, has announced plans to expand into both Oman and Abu Dhabi.
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