- Abu Dhabi’s International Holding Company (IHC) is set to acquire a 10% stake in Phoenix Group, a cryptocurrency company, through one of its subsidiaries.
- Phoenix Group, a technology conglomerate, focuses on retailing cryptocurrency mining hardware and operating facilities.
- The acquisition is expected to significantly impact the cryptocurrency industry and the UAE.
Abu Dhabi’s International Holding Company (IHC), a prominent conglomerate in the MENA region, is poised to make a transformative move in the cryptocurrency industry by acquiring a stake in Phoenix Group, a cryptocurrency company, through one of its subsidiaries.
International Tech Group, a wholly-owned subsidiary of IHC, has recently inked a definitive agreement to purchase a 10% stake in Phoenix Group, as revealed on the Abu Dhabi Securities Exchange (ADX) last Friday. The company is currently in the process of finalizing the transaction by completing all necessary procedures and obtaining regulatory approvals.
Phoenix Group is a technology conglomerate with a primary focus on retailing cryptocurrency mining hardware and operating mining facilities. They specialize in bitcoin mining and offer services related to the distribution and hosting of crypto-mining equipment. Phoenix Group manages a portfolio of mining facilities across the Middle East, Europe, the United States, and Canada.
IHC’s acquisition holds significant implications, suggesting governmental involvement in the mining sector and carrying great importance for both Phoenix Group and the broader cryptocurrency industry.
In addition to this acquisition, Phoenix Group has strategically decided to broaden its reach beyond the United Arab Emirates (UAE) and encompass the entire MENA region. The company is currently engaged in a substantial venture in Oman, where they are in the process of developing a significant 150-megawatt mining facility in Salalah. Notably, last August, Phoenix Group announced a partnership with Oman-based Green Data City, a company possessing all the required permits and government approvals, to establish a $300 million crypto-mining farm. This move reflects Phoenix Group’s commitment to expanding its operations and influence in the region.