Phoenix Group Plans Expansion and Dual Listing Amid AI Growth

According to PANews, Phoenix Group, a Bitcoin mining company based in Abu Dhabi, is planning to double its global data center capacity to over 1 gigawatt within the next two years. This expansion aims to venture into the artificial intelligence sector, with considerations to relocate part of its operations to the United States. Munaf Ali, CEO of Phoenix Group, highlighted the strategic advantage of combining Bitcoin mining, which can be operational within six months, with AI data centers that require years to build, as a means to mitigate risks. Phoenix Group intends to separate its mining and data center operations and pursue a dual listing on a U.S. exchange. The parent company in Abu Dhabi will retain majority ownership. Although Ali did not specify a timeline, he emphasized that dual listing would facilitate funding and capitalize on the higher valuations of U.S. tech companies. In December of last year, Phoenix Group announced plans for a dual listing in the U.S. by 2025.