Phoenix Technology, a crypto mining hardware retailer and mining facility operator, is considering going public, Bloomberg reported on Friday.

Phoenix is in early stage talks for an initial public offering in Abu Dhabi, the report added, citing sources. A spokesperson for Phoenix Technology declined to comment on the report.

In 2021, the UAE-based company signed a $650 million deal for mining rigs to bring its capacity up to 1.4 GW. Bijan Alizadeh, the co-founder of Phoenix, told Entrepreneur Magazine in January that he believes the “UAE is the third crypto hub of the world.”

The Gulf has become an increasingly attractive destination for bitcoin miners, thanks to cheap energy and a crypto-friendly regulatory environment. Crypto miner Marathon Digital Holdings (MARA) is building a 250 MW of facilities with a local partner in Abu Dhabi, while rival Crusoe Energy has also said it will expand into Oman and Abu Dhabi.