Phoenix Group PLC, a cryptocurrency mining and blockchain firm listed on the Abu Dhabi securities market, has acquired new Bitcoin mining machines from Bitmain Development PTI Ltd for $187 million through Cypher Capital DMC. The acquisition is expected to boost Phoenix’s hashing power and advance its position in the global Bitcoin mining sector.
Phoenix Computer Equipment, a subsidiary of Phoenix Group, announced the purchase of the latest mining machines in a disclosure on the Abu Dhabi Securities Exchange (ADX) on January 9, 2023. The acquisition has been finalized, and all necessary procedures have been met.
Phoenix Group has been expanding its portfolio of hydro cooling rigs and hashing power in recent months. In December 2023, the company disclosed a $380-million new purchase of hardware equipment from WhatsMiner. The company also debuted trading on the Abu Dhabi Securities Exchange in December 2023, becoming one of the Middle East’s first publicly listed industry firms.
Phoenix Group’s Hash Power and Share Price Are Through the Roof
Phoenix Group’s share price rose to 2.32 AED (USD 0.63) after the acquisition. According to the company, it now commands a market cap of 14.5 billion AED (USD 3.95 billion) as of January 4th. Phoenix Group successfully closed its IPO with an oversubscription of 33 times on November 18, 2023, reporting that its offer of 907,323,529 shares saw “overwhelming demand”.
The initial public offering (IPO) of Phoenix Group PLC was oversubscribed by 180 times by retail investors and 22 times by professional investors. The acquisition of new Bitcoin mining machines from Bitmain Development PTI Ltd is expected to further amplify Phoenix Group’s hashing power and market share.
The group has also recently acquired a 25% stake in Lyvely, a Dubai-based social networking and content monetization platform. Likewise, Cipher Mining, a leading cryptocurrency mining company, has recently announced the acquisition of 16,700 new mining machines from Canaan, a major computing equipment production company.
This acquisition is a significant move for Phoenix Group, as it continues to expand its presence in the Bitcoin mining sector. The company’s recent acquisitions and IPO have helped it establish itself as a leading force in the global Bitcoin mining industry.
