Phoenix Group inks $380 million deal with Whatsminer following ADX IPO By Investing.com

By admin Dec8,2023


ABU DHABI – Phoenix Group PLC, a company specializing in blockchain technologies and high-performance computing (HPC) data centers, has entered into a significant $380 million agreement with Whatsminer. This deal, announced today, includes immediate delivery of mining hardware valued at $136 million, with the option to acquire an additional $246 million worth of equipment.

The transaction comes on the heels of Phoenix Group’s initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) earlier this week, where the company raised $370 million and saw its market cap surge to over $4 billion. This swift follow-up deal underscores Phoenix Group’s aggressive expansion strategy in the cryptocurrency domain.

At the core of this strategic move is the integration of hydrocooling technology within their HPC data centers. Co-founders Bijan Alizadehfard and Munaf Ali have highlighted this development as a testament to their commitment to environmental stewardship in crypto-mining operations. The innovative cooling technique is expected to bolster Phoenix Group’s sustainable approach to digital finance.

Ali stressed the significance of balancing environmental concerns with technological advancements, indicating that eco-conscious operations are integral to the company’s ethos. Alizadehfard echoed this sentiment, pointing out that strategic partnerships like the one with Whatsminer have been made possible by their successful market debut on ADX.

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By admin

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