Phoenix Technology, a United Arab Emirates-based cryptocurrency mining hardware retailer, has started preliminary discussions for a potential initial public offering in the country, according to people familiar with the matter.
(Bloomberg) — Phoenix Technology, a United Arab Emirates-based cryptocurrency mining hardware retailer, has started preliminary discussions for a potential initial public offering in the country, according to people familiar with the matter.
The company, which is developing one of the largest mining facilities in the Middle East, is considering a listing in Abu Dhabi as soon as this year, one of the people said, asking not to be identified as the information isn’t public.
Discussions are ongoing and details of the offering such as timeline and size are still subject to change, the people said. A representative for Phoenix Technology didn’t respond to requests for comment.
The UAE, and especially Dubai, has sought to position itself as a hub for the crypto industry with friendly policies even as other jurisdictions have tightened regulation. That’s helped the country attract industry heavyweights such as Binance Holdings Ltd., OKX and Bybit.
However, the UAE has recently started to tighten scrutiny of crypto license seekers as it seeks to ensure proper oversight of an industry that’s been mired in high-profile scandals in the past year, Bloomberg News reported in April. The push coincides with broader efforts by the UAE to get off the Financial Action Task Force’s “gray list” of jurisdictions that don’t do enough to uncover illicit funds, people familiar with the matter said.
Phoenix Technology was established in 2015 and has operations of more than 700 megawatts across the US, Canada, Europe and the Middle East according to its website. It’s currently developing a $2 billion crypto-mining farm in the UAE and provides mining hardware and hosting solutions for all mined assets.
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