Abu Dhabi-listed Bitcoin mining company Phoenix Group is considering entering the AI field and will relocate part of its business to the United States.
PANews, June 20 - According to Semafor, Munaf Ali, CEO of Bitcoin mining company Phoenix Group, which is listed in Abu Dhabi, stated in an interview that the company plans to double its global data center capacity to over 1,000 megawatts in the next two years to expand into the artificial intelligence sector, and is considering relocating some of its operations to the United States. Ali pointed out: "Bitcoin mining can be operational in 6 months, while AI data centers require several years of construction time, and the combination of the two can hedge risks."
The Phoenix project plans to spin off its Mining and data center business and list on a U.S. exchange, while the Abu Dhabi parent company will retain a majority stake. Ali did not disclose a specific timeline but stated that the dual listing will help raise funds and benefit from the higher valuations of U.S. tech companies.
According to news from last December, Phoenix Group plans to be dual-listed in the U.S. in 2025.
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Abu Dhabi-listed Bitcoin mining company Phoenix Group is considering entering the AI field and will relocate part of its business to the United States.
PANews, June 20 - According to Semafor, Munaf Ali, CEO of Bitcoin mining company Phoenix Group, which is listed in Abu Dhabi, stated in an interview that the company plans to double its global data center capacity to over 1,000 megawatts in the next two years to expand into the artificial intelligence sector, and is considering relocating some of its operations to the United States. Ali pointed out: "Bitcoin mining can be operational in 6 months, while AI data centers require several years of construction time, and the combination of the two can hedge risks." The Phoenix project plans to spin off its Mining and data center business and list on a U.S. exchange, while the Abu Dhabi parent company will retain a majority stake. Ali did not disclose a specific timeline but stated that the dual listing will help raise funds and benefit from the higher valuations of U.S. tech companies. According to news from last December, Phoenix Group plans to be dual-listed in the U.S. in 2025.