Founded in 2017 in the UAE, Phoenix Group started as a pure-play digital asset mining company in the UAE. Phoenix Group has expanded both vertically and geographically to become an integrated digital asset company with a global footprint covering various business segments including hosting, mining, trading, and investments.
Phoenix Group is a leading Bitcoin miner in the world, with mining sites spread across the
world including in USA, Canada, CIS and UAE. The Group handles development, operation, and
maintenance of specialized centers providing hosting services with high performance
computing power for the generation of digital assets. The group also have exclusive
distribution rights across MENA for leading technology hardware brands and accessories
(Bitcoin mining equipment and crypto-wallets).
And has investments in M2 (a full-service
crypto exchange based out of Abu Dhabi), Citadel (15%) with 240MW mining capacity and
Bitzero (20%) a Vancouver based ESG-compliant BTC self-mining company with operations in
Norway, with 5.8MW mining attributable to Phoenix Group.
Phoenix Group’s IPO Listing is the first Crypto Asset Mining listing in the Middle East. With vision of the Group to pave the way for more decentralized future for all, the revenues and profits are expected to grow with the growth in its installed capacity. The IPO is priced at a valuations of 14.8x 2023e annualised PE, which is undemanding in digital asset mining space. The Phoenix Group IPO provides a unique opportunity to invest into a modern age digital asset mining company at a reasonable valuation.
Phoenix Group intends to sell 907.3mln of new shares (constituting 15% of post IPO share capital of the company) at a fixed price of AED1.5/sh. Company intend to raise AED1.3bn in fresh capital to support future growth plans. This is opportunity to invest into a digital asset mining company with an exceptional revenues and profits growth track record and with plan to increase its installed capacity.
