The UAE-based mining company Phoenix Technology has begun preliminary talks about conducting an initial public offering (IPO). Bloomberg reports, citing its own sources.
The firm is considering a listing in Abu Dhabi as early as this year, one of the agency’s sources said. The size of the issue, the timetable and other details are under discussion, he added.
Founded in 2015, Phoenix has over 700 MW of operational capacity in the United States, Canada, Europe and the Middle East. The firm also acts as a retailer of equipment for cryptocurrency mining and provides hosting services.
The company is building a mining centre in Abu Dhabi, the installed capacity of which is 650 MW with potential growth to 1.4 GW. The project partner is the emirate’s sovereign wealth fund’s digital assets division.
Earlier, Luxor experts noted government support as one of the key factors that could foster the development of cryptocurrency mining in the country.
In 2018, UAE leadership said it aimed to place the Emirates among the leaders of the blockchain industry by 2021.
In 2023, the UAE’s Securities and Commodities Authority began licensing providers of crypto services. To operate within the Dubai Emirate, companies require VARA approval.
Binance named the country as a ‘key point’ for its business. Coinbase considers the UAE a strategic hub for overseas expansion.