Following its listing on the Abu Dhabi Securities Exchange (ADX), Middle Eastern Bitcoin mining company Phoenix Group has announced a new deal with Whatsminer, the second largest Bitcoin mining machine manufacturer.

The contract, surpassing $380 million, stands as Whatsminer’s most substantial order in the last two years, underscoring Phoenix Group’s commanding presence in the Middle East’s burgeoning tech and blockchain landscape.

A dynamic landscape

The agreement is said to involve the immediate delivery of mining equipment valued at $136 million, coupled with an additional option worth $246 million. The deal indicates Phoenix Group’s dedication to upholding its market leadership in the dynamic landscape of Bitcoin mining, especially during a period of significant excitement and growth within the industry.

As an existing partner and exclusive distributor of WhatsMiner, Phoenix Group is further advancing its position by collaborating with WhatsMiner to integrate hydro cooling miners to establish cutting-edge high-performance computing (HPC) data centers.

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The successful IPO

Phoenix Group initially reported its successful IPO on Nov. 21, after which it experienced an exceptional response as subscriptions surpassed the initial offering price by 33 times.

The listing also showcased remarkable excitement by retail investors, with subscriptions exceeding expectations 180 times over.

Read more: Bitcoin miner Phoenix Group’s $370m IPO overwhelms with massive subscription rate