UAE Phoenix Group pays $2.5 million for a 12.5% stake in Rekt Web3 gaming company
UAE based Phoenix Group, an ADX-listed crypto firm has bought 12.5% stake in UAE based Rekt Studios, a Web3 gaming firm that utilizes NFTs. The purchase agreement was approved by Phoenix board in a $2.5 million transaction. The acquisition will be executed through Phoenix’s wholly-owned subsidiary, Phoenix INV Holdings.
Cypher Capital also invested $1.5 million in Web3 Rekt Studios back in December of 2022. There is notably a close affiliation between the founders of Cypher Capital and Phoenix Group.
In February 2024, UAE Phoenix Group, acquired valued at more than half a million dollars ($577,074) in one of its related parties, Phoenix Technology Solutions B.V. based out of the Netherlands.
In addition Phoenix group spent over $500 million in BTC Mining machines.
The crypto conglomerate additionally snagged a 25% stake in UAE-based content monetization platform Lyvely in December 2023, after debuting on the ADX at the start of the month to a strong investor appetite, which saw shares soaring 35% on the first day of trading.
Phoenix Group has also invested in M2 the latest crypto exchange to receive a license in UAE from ADGM.
About Phoenix: The company owns 23 businesses and nine crypto mining facilities in the US, Canada, CIS, and the UAE, with a USD 2 bn crypto mining farm in the UAE, one of the largest in the Middle East.
