On June 20, PANews reported that Munaf Ali, CEO of Bitcoin miner Phoenix Group listed in Abu Dhabi, stated in an interview that the company plans to double its global data center capacity to over 1 gigawatt in the next two years to expand into the AI sector and is considering relocating part of its business to the United States. Ali noted, "Bitcoin mining can be operational in six months, while AI data centers require several years of construction. The combination of both can hedge risks."
Phoenix 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 would help raise funds and benefit from the higher valuations of U.S. tech companies.
Previously, in December last year, news emerged that Phoenix Group plans to dual list in the U.S. by 2025.
