UAE's Phoenix Group plans to launch IPO on Abu Dhabi Securities Exchange

It will be the first privately owned crypto and blockchain entity to be listed on a Middle East stock market

Phoenix Group, which will be listed on ADX, is the exclusive distributor of mining equipment MicroBT. Photo: ADX

Phoenix Group, the Abu Dhabi-based blockchain and crypto solutions company, on Friday said it would go public as it aims to expand and boost its offerings.

Founded in 2017, Phoenix aims to float its initial public offering on the Abu Dhabi Securities Exchange. It has not specified the timeline or size of the IPO.

Phoenix said it would be the first privately owned crypto and blockchain entity to be listed on a Middle East stock market.

“The impending IPO will not only be a testament to our past achievements but a clear signal of our ambitions,” Phoenix’s co-founders Bijan Alizadeh and Munaf Ali said.

“Our aim is to be able to help create a more resilient, inclusive and diversified global blockchain economy, and this IPO is just the first step towards achieving that goal.”

Phoenix offers a range of services, such as cloud mining, data centre hosting, crypto trading, and Web3 game publishing and distribution.

With a total installed capacity of 725MW, it develops, operates and manages crypto mining data centres across the UAE, Oman, US, Canada and Commonwealth of Independent States countries.

It is also the exclusive distributor of mining equipment MicroBT.

In August, Phoenix began collaborating with Muscat-based Green Data City to develop a $300 million crypto-mining farm in Oman. The 150MW farm will be one of the largest crypto-mining data centres in the region.

Overall, the cryptocurrency industry has struggled with continued price declines since last year.

Bitcoin, the first and biggest cryptocurrency, fell below $16,000 in November – a year after it hit a peak of almost $68,000 – after a series of events rattled the industry.