Abu Dhabi's IHC Acquires Stake in Phoenix Group: A Game-Changer for Cryptocurrency Industry

The Abu Dhabi conglomerate known as International Holding Company (IHC), one of the largest holding firms in the MENA region, is set to acquire a portion of cryptocurrency company Phoenix Group through one of its subsidiaries.

International Tech Group, a wholly-owned subsidiary of IHC, has officially entered into a definitive agreement to purchase a 10% stake in Phoenix Group, as disclosed on the Abu Dhabi Securities Exchange (ADX) last Friday. The company is presently in the process of completing all necessary procedures and securing regulatory approvals to finalize the transaction.

Phoenix Group is a technology conglomerate primarily specializing in the retailing of crypto mining hardware and the operation of mining facilities. Phoenix Group specializes in bitcoin mining and offers services related to the distribution and hosting of crypto-mining equipment. They maintain a portfolio of mining facilities across the Middle East, Europe, the United States, and Canada.

IHC's acquisition carries significant implications, indicating government involvement in the mining sector and holding great significance for Phoenix and the cryptocurrency industry.

Phoenix group has also made a strategic decision to expand its focus beyond the UAE and encompass the entire MENA region. Phoenix is currently in the midst of a significant venture in Oman, where they are embarking on the development of a substantial 150-megawatt mining facility in Salalah. Last August, Phoenix Group announced a partnership with Oman-based Green Data City, which possessed all the necessary permits and approvals from the government, to establish a $300 million crypto-mining farm.

The article has been updated.