UAE’s Bitcoin mining firm Phoenix Group expands in the US ahead of Nasdaq listing, according to reports

Phoenix Group, an Abu Dhabi-listed Bitcoin mining firm, is significantly expanding its operations in the United States with the opening of a new 50 MW crypto mining facility in North Dakota. This move is part of the company’s strategy to increase its Bitcoin mining presence ahead of its planned Nasdaq listing.

Once fully operational, the North Dakota facility will add over 2.7 exahashes to Phoenix Group’s mining capacity. The company’s CEO, Reza Nedjatian, emphasized the importance of the U.S. market for the firm, noting that this new facility is a crucial part of its broader investment strategy. This expansion follows Phoenix Group’s previous step in South Carolina, where it opened a 25 MW mining site in Willamette.

Phoenix Group, founded in 2017, has grown to become the largest crypto mining operator in the MENA region, managing 765 MW of mining facilities spread across the U.S., Canada, and the UAE. In addition to its mining operations, the company is also the distributor of MicroBT Bitcoin mining devices in several countries, including Egypt, Turkey, and Kenya.

In October 2023, Phoenix Group became the first private crypto and blockchain company to be listed on the Abu Dhabi Securities Exchange. The firm raised $370 million through its IPO, which saw a 33-times oversubscription. Following the success of its public offering and growing global interest, Phoenix Group plans to list on Nasdaq by 2025, aiming to further expand its international footprint, although the exact timeline remains uncertain.