Phoenix Group Highlights IHC Backing as H.C. Wainwright Reaffirms Buy Rating

Phoenix Group PLC (ADX: PHX) has received a reaffirmed Buy rating from New York-based equity research firm H.C. Wainwright & Co., with a revised price target of AED 3.00—representing more than 100% upside from its current trading level of AED 1.48.

The new analyst report titled “Re-Energized Sites and AI/HPC Feasibility Prime Upside” positions Phoenix as a high-growth infrastructure company now moving beyond mining and into AI and High-Performance Computing (HPC). Alongside this, Phoenix has for the first time publicly used the label “IHC portfolio company”, signaling deeper strategic alignment with International Holding Company (IHC), one of the UAE’s most influential investment groups.

“We are delighted that H.C. Wainwright sees the significant value and enormous potential in our strategy,” said Munaf Ali, CEO and Co-founder of Phoenix Group.
“This report validates our team's hard work to expand our core mining operations efficiently while boldly moving into the AI and HPC space. As an IHC portfolio company, we are committed to driving innovation and delivering superior returns for our shareholders.”

This is the first public mention of Phoenix as an IHC portfolio company, nearly two years after IHC acquired a 10% pre-IPO stake in 2023. The move suggests stronger institutional positioning, potentially laying the groundwork for larger capital markets ambitions, including the company's potential U.S. listing—a possibility recently confirmed in company filings.

Related: IHC Acquires Stake in Phoenix Group (2023)

Phoenix Buy Rating Highlights Shift to Self-Mining, AI Compute

The Phoenix Buy Rating issued by H.C. Wainwright reflects confidence in the company’s transition from hardware trading to large-scale digital infrastructure. Phoenix operates over 500 megawatts of mining capacity across five countries, including the largest crypto mining farm in the MENA region. The company also holds more than $150 million in Bitcoin and Solana as strategic treasury assets.

The analyst report cites Phoenix’s South Carolina site, currently under feasibility assessment to become a green AI and HPC data center, as a key driver of long-term upside. This diversification aligns with growing global demand for compute infrastructure and mirrors strategic moves seen by publicly listed U.S. mining firms.

US Dual-Listing Ambitions on the Horizon

The reaffirmed Phoenix Buy Rating comes amid broader ambitions by the company to pursue a dual or U.S. stock exchange listing. In recent months, CEO Munaf Ali has increased his personal stake in the company, acquiring over 20 million shares since November 2024, according to official disclosures.

As previously reported by Unlock Blockchain, these moves suggest Phoenix is not only expanding operationally but also positioning itself to attract global institutional investors, especially in markets with mature capital ecosystems such as the U.S.

Who Is H.C. Wainwright & Co.?

H.C. Wainwright & Co. is a New York-based equity research and investment firm with a strong focus on small- and mid-cap growth companies, including those in blockchain, digital assets, biotech, and cleantech. The firm offers equity research and capital markets services but is not a depository bank.

H.C. Wainwright has previously covered and advised several crypto and Web3-related firms, including Bitfarms (BITF), BitFuFu (FUFU), BTCS Inc. (BTCS) and Canaan Inc. (CAN).

While its research is known for optimistic projections, it is respected for surfacing undercovered companies with institutional potential. That said, the firm’s research often takes an optimistic view — consistent with its focus on emerging companies and its history of working closely with firms it covers, often through advisory or capital markets services.

Phoenix Grows from Regional Giant to Global Contender

With the Phoenix Buy Rating reaffirmed, its IHC affiliation now publicly declared, and a U.S. listing in consideration, Phoenix Group is clearly entering a more institutional phase of growth. Its evolving profile—from regional mining operator to globally positioned compute and infrastructure player—marks it as one of the most strategically placed Web3 infrastructure firms in the MENA region. As the company accelerates its AI and HPC initiatives and deepens capital market visibility, its next chapter will be defined by its ability to integrate scale, trust, and sovereign backing in a space still maturing globally.