Phoenix Group Closes a $380M Deal with Miner MicroBT

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Phoenix Group, a mining company, has announced a contract worth $380 million with MicroBT, the manufacturer of Whatsminer-branded Bitcoin mining devices.

The company reported a 33-fold oversubscription of securities and its shares began trading at AED 2.25, with an initial price of AED 1.5.

As a longstanding partner and exclusive regional distributor of Whatsminer, the UAE-based firm sees this collaboration as a major milestone in their commitment to innovation and growth in the technology industry.