Abu Dhabi-listed Bitcoin mining company Phoenix Group considers entering the AI field and transferring some of its business to the United States

PANews reported on June 20 that according to Semafor, Munaf Ali, CEO of Phoenix Group, a Bitcoin miner listed in Abu Dhabi, said in an interview that the company plans to double its global data center capacity to more than 1 gigawatt in the next two years to expand into the field of artificial intelligence, and is considering moving part of its business to the United States. Ali pointed out: "Bitcoin mining can be put into production in 6 months, while AI data centers require several years to build. The combination of the two can hedge risks."

Phoenix plans to spin off its mining and data center businesses and list them on a U.S. exchange, with the Abu Dhabi parent retaining a majority stake. Ali did not disclose a specific timeline but said the dual listing would help it access funding and benefit from higher valuations of U.S. technology companies.

Earlier in December last year, it was reported that Phoenix Group planned to dual-list in the United States in 2025.