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

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.