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ADX-listed crypto firm Phoenix Group’s board approved yesterday the acquisition of a 12.5% minority stake in Dubai-based web3 gaming firm Rekt Studios in a USD 2.5 mn transaction, according to an ADX disclosure (pdf). The acquisition will be executed through Phoenix’s wholly-owned subsidiary, Phoenix INV Holdings.
Expanding its footprint: Phoenix shelled out USD 187 mn for BTC mining machines from Bitmain Development earlier in January, aiming to boost its hashing power substantially. The crypto conglomerate additionally snagged a 25% stake in UAE-based content monetization platform Lyvely in December 2023, after debuting on the ADX at the start of the month to a strong investor appetite, which saw shares soaring 35% on the first day of trading.
About Phoenix: The company owns 23 businesses and nine crypto mining facilities in the US, Canada, CIS, and the UAE, with a USD 2 bn crypto mining farm in the UAE, one of the largest in the Middle East.
