Phoenix Group inks $380 million take care of Whatsminer following ADX IPO

ABU DHABI – Phoenix Group PLC, an organization specializing in blockchain applied sciences and high-performance computing (HPC) information facilities, has entered into a major $380 million settlement with Whatsminer. This deal, introduced right now, consists of instant supply of mining {hardware} valued at $136 million, with the choice to amass a further $246 million price of kit.

The transaction comes on the heels of Phoenix Group’s preliminary public providing (IPO) on the Abu Dhabi Securities Alternate (ADX) earlier this week, the place the corporate raised $370 million and noticed its market cap surge to over $4 billion. This swift follow-up deal underscores Phoenix Group’s aggressive growth technique within the cryptocurrency area.

On the core of this strategic transfer is the mixing of hydrocooling know-how inside their HPC information facilities. Co-founders Bijan Alizadehfard and Munaf Ali have highlighted this growth as a testomony to their dedication to environmental stewardship in crypto-mining operations. The modern cooling method is predicted to bolster Phoenix Group’s sustainable method to digital finance.

Ali confused the importance of balancing environmental issues with technological developments, indicating that eco-conscious operations are integral to the corporate’s ethos. Alizadehfard echoed this sentiment, declaring that strategic partnerships just like the one with Whatsminer have been made doable by their profitable market debut on ADX.

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