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Abu Dhabi’s IHC plans to acquire 10% stake in crypto firm Phoenix Group 

by WAYA Staff - Oct 8, 2023
Abu Dhabi’s IHC plans to acquire 10% stake in crypto firm Phoenix Group 

Abu Dhabi International Holding Company (IHC) announced its plan to acquire a stake in cryptocurrency firm Phoenix Group through its subsidiary, International Tech Group.

IHC’s wholly-owned unit, International Tech Group, has entered into a definitive agreement to buy a 10% stake in Phoenix Group, according to the Abu Dhabi Securities Exchange (ADX).

The company is currently finalizing all required procedures and obtaining regulatory approvals to close the transaction.

Phoenix performs bitcoin mining and provides crypto-mining equipment distribution and hosting services, with a portfolio of mining facilities in the Middle East, Europe, the United States, and Canada.

The bitcoin company announced a deal, last August, with Oman-based Green Data City to set up a $300 million crypto-mining farm.

IHC’s main goal is to boost its investment in the tech space, both regionally and globally.

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