Phoenix Group seals $380m deal with MicroBT

The mining company Phoenix Group announced that it had signed a $380 million contract with the bitcoin-mining device maker under the Whatsminer brand — MicroBT.

Under the terms of the agreement, the Abu Dhabi-based company will initially purchase hydro-cooled miners worth $136 million. An additional option provides for equipment worth $246 million.

According to the statement, the deal is MicroBT’s largest order in the past two years.

Phoenix embarked on this step after a successful stock market listing via IPO. In November, the company reported a 33-fold oversubscription on the securities at the close of books. On the first trading day, December 5, trading opened at 2.25 AED with an issue price of 1.5 AED. The price reaches 2.5 AED at the time of writing.

The UAE-based firm is already a partner of MicroBT and the exclusive regional distributor of Whatsminer.

“This collaboration marks an important milestone for Phoenix Group, reflecting our strategic foresight and commitment to innovation in the technology sector. The successful listing on the ADX has given us even more opportunities to develop such important partnerships, broadening our prospects in the blockchain and cryptocurrency space,” said the co-founder and CEO Bijan Alizadeh-Fard.

Earlier, in 2021 Phoenix stated it had placed an order for mining equipment from Bitmain worth $650 million.