Phoenix Group, a leading Bitcoin mining firm based in the UAE, has recently invested significantly in expanding its operations.

The company has acquired mining rigs worth $187 million from Bitmain, a leading provider in the field. This move comes shortly after Phoenix Group’s investment of $136 million in rigs.

This acquisition is a strategic step following Phoenix Group’s notable achievements, including a groundbreaking partnership with Whatsminer in December 2023 and a successful initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) in the same period.

Bijan Alizadehfard, the co-founder and CEO of Phoenix Group, emphasized the importance of partnerships with industry giants Bitmain and Whatsminer. He noted that these collaborations provide access to the most advanced technology in the field, fuel the company’s growth, and redefine the possibilities of efficient and sustainable cryptocurrency mining.

The impact of these strategic moves was immediately evident in the market response to Phoenix Group’s IPO. The company’s shares reached a high of 2.32 AED, or $0.63, leading to a market capitalization of 14.5 billion AED, around $3.95 billion, as of Jan. 4.