ABU DHABI, UAE, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Phoenix Group PLC, the Middle East's premier Bitcoin mining powerhouse and a global leader in blockchain technology, continues its meteoric rise with a landmark USD 187 million deal for cutting-edge mining machines from industry giant Bitmain. This strategic acquisition comes hot on the heels of their record-breaking partnerships with Whatsminer, announced in December 2023, and the company's monumental IPO on the Abu Dhabi Securities Exchange (ADX) in the same month. These combined moves solidify Phoenix Group's position as a dominant force in the global mining landscape and a rising star in the tech world.
"This latest deal, following our successful IPO and partnerships, signals our relentless pursuit of excellence and solidifies our leadership in this dynamic space," declared Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group. "Partnering with titans like Bitmain and Whatsminer equips us with the best tech, fuels our growth, and redefines the future of efficient and sustainable mining."
Following the historic Whatsminer partnership and a phenomenal IPO that saw the company's share price soar to 2.32 AED (USD 0.63) with a market cap of 14.5 billion AED (USD 3.95 billion) as of January 4th, 2024, the Bitmain deal further amplifies Phoenix Group's hashing power and market share. This combined firepower positions the company as a global contender, rewriting the narrative of the mining industry with each strategic move.
But for Phoenix Group, it's not just about numbers. It's about building a better future. The company remains dedicated to green practices, integrating hydro cooling technology in collaboration with both Bitmain and Whatsminer. This unwavering commitment to sustainability positions them as pioneers, leading the industry towards a cleaner future.
"Our environmental responsibility is core to our values," emphasized Munaf Ali, Co-Founder & Group MD of Phoenix Group. "Partnerships like these, coupled with our commitment to hydro cooling, pave the way for a greener blockchain future."
Phoenix Group's relentless pursuit of excellence, strategic partnerships, unwavering commitment to sustainability, and impressive IPO success all paint a picture of a company on a mission. This double whammy of industry-leading deals – Bitmain and Whatsminer – is a testament to their ambition: to rewrite the global mining landscape and emerge as the undisputed leader, one strategic move at a time.
Key Highlights:
- Phoenix Group acquires USD 187 million worth of top-tier Bitcoin mining machines from Bitmain.
- This move follows the company's historic multi million dollar partnership with Whatsminer and a successful IPO on the ADX.
- The combined acquisitions significantly increase Phoenix Group's hashing power and market share.
- Phoenix Group remains dedicated to eco-friendly mining practices through hydro cooling initiatives.
- The acquisition of the Bitcoin mining machines was executed through a related party.
About Phoenix Group PLC
Phoenix Group PLC is a global leader in blockchain technology and the Middle East's premier Bitcoin mining powerhouse. Founded in 2017, the company has carved its niche in the tech landscape through its unwavering commitment to innovation, operational excellence, and sustainable practices. With a diversified portfolio spanning across various tech ventures, Phoenix Group is poised to shape the future of blockchain technology and reshape the global mining landscape.
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SOURCE: Phoenix Group PLC
