A United Arab Emirates-based cryptocurrency mining hardware retailer, Phoenix Technology is reportedly starting discussions to conduct an IPO, according to a Bloomberg report.
The company, which is developing one of the largest mining facilities in the Middle East, is considering a listing in Abu Dhabi as early as this year, one of the people close to the company said privately.
Phoenix Technology was established in 2015 and has operations of more than 700 Megawatts across the US, Canada, Europe, and the Middle East.
The UAE-based company signed a $650 million deal in 2021, for mining rigs to bring its capacity up to 1.4 GW.
Phoenix co-founder, Bijan Alizadeh, told Entrepreneur Magazine in January that he believes the “UAE is the third crypto hub of the world.”
The UAE, especially Dubai, has set itself as a hub for the crypto industry with friendly policies. The Gulf has become an increasingly attractive destination for bitcoin miners due to cheap energy and a crypto-friendly regulatory environment.
Due to these features, the country attracts industry giants such as Binance Holdings Ltd., OKX, and Bybit.
Crypto miner Marathon Digital Holdings (MARA) is building a 250 MW of facilities with a local partner in Abu Dhabi and its rival Crusoe Energy has also said it will expand into Oman and Abu Dhabi.
Also Read: UAE Emerges as Dominant Bitcoin Mining Hub in the Middle East
