Phoenix Group

What Phoenix Group does

Phoenix Group PLC is an Abu Dhabi-headquartered, ADX-listed (PHX) digital infrastructure platform that develops and operates power-anchored data centers for Bitcoin mining, AI/HPC workloads, and enterprise colocation. The company runs a vertically integrated stack spanning energy procurement, facility engineering (liquid and air cooling, high-density GPU hosting), and compute delivery across six markets — UAE, USA, Canada, Oman, Ethiopia, and France — with 550+ MW of operational and committed capacity and a stated 1GW+ development pipeline.

The core technology centers on energy-first infrastructure design: Phoenix secures long-duration, low-cost power (3-4 cents/kWh versus a US average of 12 cents) before breaking ground, with flagship assets including the 250MW Citadel facility in Abu Dhabi, a 132MW Ethiopia footprint powered by Grand Ethiopian Renaissance Dam hydropower, a 50MW North Dakota site, a 45MW Oman facility, a 23MW Canada site, a 20MW Texas site, and an 18MW AI data center in Lyon, France under development with DC Max. The platform operates ASIC miners (including Antminer S21 Hydro) for self-mining and provides hosted environments for third-party miners, AI training/inference customers, and sovereign/government workloads requiring data residency.

Phoenix makes money through self-mining Bitcoin (46% gross margin in Q3 2025; $107M FY2024 mining revenue), colocation and dedicated hosting sold via multi-year, multi-megawatt contracts, a digital asset treasury of $120M+ in BTC and SOL, and digital asset trading/portfolio optimization. The company is an IHC portfolio company, was the first digital-asset firm to list on ADX in 2023, and is repositioning under CEO Munaf Ali from pure-play Bitcoin mining into a diversified AI and HPC infrastructure operator.

Name

Phoenix Group

Legal name

Phoenix Group PLC

Website

https://phoenixgroupuae.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

Phoenix Group PLC is an ADX-listed, UAE-headquartered digital infrastructure platform operating 550+ MW of power-anchored data centers across six markets, providing Bitcoin self-mining, AI/HPC hosting, and enterprise colocation to sovereign, enterprise, and institutional customers.

Ownership category

akta.pro rank

Product category

Digital Infrastructure & Data Center Services

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Digital Asset/Crypto Trade Execution Platforms (FSAFANAO)

akta.pro secondary industry

Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)

Keywords

• Bitcoin mining infrastructure
• AI data centers
• High-performance computing
• Data center colocation
• Digital asset treasury

Headquarters

HQ city

Dubai

HQ country

United Arab Emirates

HQ region

Middle East

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Bitcoin Mining (Self-Mining): Phoenix Group generates revenue through self-mining Bitcoin, where the company mines cryptocurrency using its own infrastructure and hash rate. Self-mining gross margins improved to 46% in Q3 2025. Mining revenue reached $107M in FY2024, up 236% YoY.
2. Hosting Services: Phoenix provides colocation, dedicated hosting, and infrastructure-as-a-service to enterprise customers requiring high-density compute environments. The company hosts third-party mining operations and provides HPC/AI hosting services.
3. Digital Asset Treasury: Phoenix formalized a digital asset treasury worth over $150M, comprising Bitcoin and Solana holdings. The treasury strategy provides balance sheet flexibility and long-term capital allocation.
4. Trading and Portfolio Optimization: The company engages in digital asset trading and portfolio optimization activities, selling BTC and SOL to fund expansion initiatives and maintain balance sheet flexibility. Sold 300 BTC and 158,750 SOL in Q4 2025.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels10 records

Core offering

Phoenix Group develops and operates power-backed digital infrastructure facilities across six countries, providing Bitcoin self-mining operations, AI and HPC hosting in high-density GPU environments, enterprise and sovereign colocation, and managed infrastructure services. The platform also runs a formalized digital asset treasury holding Bitcoin and Solana as long-term reserve assets. The integrated platform combines proprietary energy procurement, facility design, thermal management (liquid and air cooling), and compute delivery for demanding AI, HPC, and blockchain workloads.

Product overview

Phoenix Group is a vertically integrated digital infrastructure platform providing power-anchored facilities that support Bitcoin mining, AI inference and training, high-performance computing (HPC), and enterprise-grade data center colocation. The platform operates across four business segments: Mining, Hosting, Trading, and Investments. Core offerings include AI & HPC Hosting (high-density GPU hosting with advanced cooling), Enterprise Colocation, Sovereign & Private Cloud Hosting, Managed Infrastructure, and GPU Clusters Infrastructure. The company also maintains a Digital Asset Treasury holding Bitcoin and Solana. The platform is built on energy procurement capability, physical infrastructure development, and disciplined operational execution, with over 550MW of operational and committed capacity across six countries (UAE, Ethiopia, USA, Oman, Canada, France). Phoenix is transitioning from a pure-play Bitcoin miner to a diversified digital infrastructure operator serving the AI revolution.

Differentiator

Problem solved

Functional benefit

Brands

• Citadel: Phoenix's flagship 250MW data center and mining facility located in Abu Dhabi, UAE
• European Data Center Platform
• Phoenix Mining

Products and services

• AI & HPC Hosting
• Enterprise Colocation
• Sovereign & Private Cloud Hosting
• GPU Clusters Infrastructure
• Cloud Hosting Infrastructure
• Managed Infrastructure
• Bitcoin Mining Operations
• Digital Asset Treasury
• Ethiopia 30MW Hydropower Mining Operation
• Lyon Data Center (European Data Center Platform)

Quantifiable outcome

• 236% year-over-year mining revenue growth in FY 2024 ($32M to $107M)
• +5 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature4 records

Partnerships

Five partnerships are on record, tiered flagship, minor and core.

• DC MaxflagshipStrategic or Co-development Partner · 13 May 2026Phoenix Group partnered with DC Max, a French data center developer with a c.2-GW portfolio, to develop its first European AI data center. The inaugural deployment is an 18MW facility in Lyon, France, with construction targeted to begin July 2026 and delivery between Q4 2027 and Q1 2028. The partnership provides preferential access to DC Max's development pipeline of over 1GW valued at approximately $8 billion, combining DC Max's site origination, permitting, and grid access expertise with Phoenix's capital and operational scale.
• Ethiopian Investment Holdings (EIH)minorStrategic or Co-development Partner · 20 January 2026Ethiopian state investment group EIH is involved in the government's plans to expand state-linked Bitcoin mining operations using renewable hydropower. Phoenix Group has a deal with UAE-based operations to build mining data centers in Ethiopia.
• Ethiopian Electric Power (EEP)coreStrategic or Co-development Partner · 6 November 2025Phoenix Group partnered with Ethiopian Electric Power (EEP), Ethiopia's state-owned electric power producer, to launch a 30MW hydropower-backed mining facility at Bole Lemi Industrial Park in Addis Ababa. The partnership combines Ethiopia's renewable energy potential with Phoenix's operational expertise in high-efficiency compute deployments. The 6,250-square-meter site leverages stable, low-cost, carbon-neutral hydropower and adds 1.9 EH/s to Phoenix's hashrate.
• Data7coreStrategic or Co-development Partner · 22 January 2025Phoenix Group partnered with Abu Dhabi-based cybersecurity firm Data7 to secure an 80-megawatt power purchase agreement (PPA) in Ethiopia. Data7 enabled the deployment of the latest S21 Hydro miners, underscoring Phoenix's commitment to leveraging cutting-edge technology to maximize efficiency and solidify competitive advantage in the African market.
• Tether FoundationcoreStrategic or Co-development Partner · 1 January 2024Phoenix Group partnered with the Tether Foundation to launch a dirham-backed stablecoin, enhancing the company's foothold in the broader digital finance ecosystem. This collaboration represents Phoenix's diversification into digital assets beyond mining and its strategic positioning in the stablecoin market.

Scale indicators14 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• CleanSpark: US-listed Bitcoin miner with operational focus on efficiency and power cost optimization. Compares to Phoenix's energy-first strategy and operational discipline narrative. Significantly larger scale provides benchmark for what scaled public mining looks like.
• Bitfarms: Public Bitcoin miner with operations across multiple jurisdictions including North America and South America. Geographic diversification strategy mirrors Phoenix's multi-country footprint (UAE, USA, Canada, Oman, Ethiopia, France).
• Iris Energy (IREN): Public Bitcoin miner that has aggressively pivoted into AI/HPC GPU cloud services. Closest strategic analog to Phoenix's AI infrastructure pivot, with a renewable-powered fleet of GPU clusters targeting enterprise AI compute workloads.
• Hut 8 Mining: Public Bitcoin miner with diversified infrastructure operations including managed services and AI compute (via Highrise AI subsidiary). Comparable operating model to Phoenix's four-segment structure.
• Cipher Mining: US-listed Bitcoin miner focused on industrial-scale operations in Texas with power-advantaged sites. Direct peer to Phoenix's Texas and broader energy-advantaged geographic strategy.
• Marathon Digital Holdings: One of the largest publicly listed Bitcoin miners globally. Direct peer to Phoenix given identical business model (large-scale self-mining + hosting), public market listing, and pursuit of HPC/AI diversification. Operates at significantly larger scale (~50 EH/s vs Phoenix's ~16 EH/s), making it the benchmark Phoenix must close the gap with.
• Hive Digital Technologies: Public Bitcoin miner that has rebranded and pivoted toward AI/HPC GPU cloud services with the Hive Cloud platform. Smaller-scale peer with similar strategic positioning around diversification from pure mining into AI compute.
• Core Scientific: Public Bitcoin miner that emerged from bankruptcy with a strategic focus on HPC hosting for AI workloads. Direct comparison to Phoenix on the infrastructure-pivot narrative, though at larger scale post-restructuring.
• Riot Platforms: Major US-listed Bitcoin miner with significant operational capacity and an explicit pivot toward HPC/AI hosting at its Corsicana, Texas facility. Directly comparable to Phoenix's Texas operations and similar AI/HPC strategic positioning.

Broad incumbents

• Galaxy Digital: Diversified crypto financial services and infrastructure firm with a Helios data center site purpose-built for AI/HPC. Comparable to Phoenix in its pivot toward institutional digital infrastructure and broader crypto ecosystem participation beyond pure mining.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/phoenixgroupuae
• YouTubeyoutube.com/@PhoenixGroupUAE
• Facebookfacebook.com/thephoenixgroupuae
• LinkedInlinkedin.com/company/phoenixgroupuae
• Instagraminstagram.com/thephoenixgroupuae
• TikToktiktok.com/@phoenixgroupae

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Phoenix Group