The Abu Dhabi-listed cryptocurrency mining and blockchain company Phoenix Group PLC is investing nearly $200 million to strengthen its position in the Bitcoin mining industry.

The company’s wholly owned subsidiary, Phoenix Computer Equipment Trading, has entered into an agreement through a related party Cypher Capital DMCC to purchase Bitcoin mining machines from industry giant Bitmain Development PTE Ltd.

The deal is valued at $187 million, Phoenix Group said in a disclosure on the Abu Dhabi Securities Exchange (ADX) on Tuesday.

“[The deal] enables Phoenix to significantly enhance its hashing power and continue its trajectory towards becoming a global market leader in the Bitcoin mining industry,” the company said.

The acquisition deal has been finalised, with all relevant procedures already completed. “This latest deal, following our successful IPO and partnerships… solidifies our leadership in this dynamic space,” said Bijan Alizadehfard, Co-Founder and Group CEO of Phoenix Group.

Last month, the company announced a deal to acquire a 25% stake in Lyvely, a Dubai-based social networking and content monetisation platform.

It also signed a contract with Whatsminer for the delivery of mining equipment valued at $136 million, with an additional option worth $246 million.

(Writing by Cleofe Maceda; editing by Brinda Darasha)