Crypto miner Phoenix Group has acquired a 12.5% stake in Rekt Studios to enter the Web3 gaming market

Phoenix Group, a cryptocurrency mining company headquartered in Abu Dhabi, has announced that it has acquired a 12.5% stake in Web3 gaming and entertainment company Rekt Studios for an undisclosed amount. The deal was facilitated through Phoenix INV Holdings, a wholly-owned subsidiary of Phoenix Group, marking the company's strategic move beyond cryptocurrency mining. Rekt Studios primarily provides solutions that enable gamers to own, manage, and monetize gaming experiences and assets.