Munaf Ali is the Co-founder and Group Chief Executive Officer (CEO) of Phoenix Group PLC, a technology conglomerate based in the United Arab Emirates specializing in blockchain and cryptocurrency mining. ^{[1] [2]} With a background of over two decades in traditional capital markets, including a long tenure at Citigroup, Ali is a central figure in the convergence of institutional finance and the digital asset sector. ^[3] He was instrumental in leading Phoenix Group's growth and its successful Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX), the first of its kind for a crypto-focused firm in the Middle East. ^[4]​

Education

Munaf Ali attended The London School of Economics and Political Science (LSE), where he earned a Bachelor of Science (BSc Hons) in Economics, graduating in 2003. ^{[5] [3]}

Career

Ali's career began in traditional finance before he transitioned into entrepreneurship in the technology and blockchain sectors.

Early Career and Citigroup

Prior to his work in the digital asset industry, Ali established a career in traditional finance with over twenty years of experience in capital markets. ^[2] He held executive roles at Citigroup for over a decade, serving as a Director in the company's Capital Markets division in both London and the United Arab Emirates. ^{[5] [3]} His extensive experience in banking and finance has informed his strategy in bridging the institutional investment world with the emerging cryptocurrency landscape. ^[4]​

Phoenix Group PLC

Ali's career is most significantly defined by his leadership at Phoenix Group, which he co-founded with Seyed Mohammad Alizadehfard (also known as Bijan Alizadehfard). ^{[1] [5]}​

Founding and Growth

Ali co-founded Phoenix Group in November 2016, assuming the roles of Co-founder, Group Managing Director, and Board Member. ^[1] In the early stages, his involvement was hands-on, including the physical construction of Bitcoin mining facilities in the UAE and North America, which gave him a fundamental understanding of the industry's operational details. ^[2]​

As Group Managing Director, he was responsible for corporate structuring, capital markets, M&A, and market expansion across the Middle East, the Commonwealth of Independent States (CIS), and North America. ^{[1] [6]} Ali championed an early decision to diversify the company's business model beyond Bitcoin mining to ensure financial stability amid market volatility. This strategy led to the creation of a broad blockchain ecosystem through investments in related businesses, including:

• M2, a UAE-based cryptocurrency exchange. ^[2]
• Lyvely, a social networking and Web3 content monetization platform. ^[2]
• Rekt Studios, a venture in the Web3 gaming space. ^[2]

Under his leadership, Phoenix Group grew into one of the world's largest Bitcoin mining operations, with an energized capacity of over 500 MW by late 2025 and facilities in the UAE, US, Canada, and Africa. ^[4]​

IPO and CEO Appointment

Ali was a core member of the leadership team that guided Phoenix Group through its landmark Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX) on December 5, 2023. ^{[1] [6]} The listing was the first for a cryptocurrency and blockchain company in the Middle East and was significantly oversubscribed, raising approximately $371 million. ^{[2] [4]}​

On December 20, 2023, shortly after the successful IPO, Phoenix Group appointed Munaf Ali as its new Group CEO. He succeeded co-founder Bijan Alizadehfard, who transitioned to the role of Co-Chairman of the Board. ^[1] The appointment was made to steer the company into its next phase of growth, focusing on global expansion and capitalizing on increasing institutional adoption of cryptocurrency. ^[7] In a statement on his appointment, Ali said:

"Assuming the role of CEO at Phoenix Group is both a privilege and a profound responsibility... I am committed to building on our success, driving our global expansion, and continuing to innovate... Our recent listing on the ADX is a testament to our potential, and I am excited to lead our talented team into the next chapter of growth..." ^[1]

As CEO, Ali stated that the company was exploring a potential dual listing on NASDAQ in 2025 as part of its global expansion strategy. ^[8]​

Post-CEO Appointment Actions

On January 10, 2024, Ali increased his personal shareholding in Phoenix Group by purchasing an additional 1,000,000 shares on the open market. ^[1] The company reported the move as a demonstration of his confidence in its long-term strategy and vision. ^[9] Regarding the purchase, Ali commented:

"My decision to increase my stake in Phoenix Group is a reflection of my unwavering confidence in our vision... We are at the forefront of the blockchain and crypto revolution... This investment underlines my personal commitment to our shared journey and the value we are determined to create for our shareholders." ^[1]

Board Memberships

In addition to his roles at Phoenix Group, Ali holds other board positions. As of September 2023, he is a board member at Lunate, an Abu Dhabi-based investment firm. Since January 2022, he has also served as a board member for the Chimera FTSE ADX 15 ETF. ^[1]​

Public Appearances and Recognition

Ali is an active participant in the global technology and finance communities, representing Phoenix Group at major industry events. He was a featured speaker at the Consensus Hong Kong conference, hosted by CoinDesk, where he was scheduled to speak on a panel titled "BTC Mining in the US and Beyond: Understanding the Next Frontiers for Hashrate Growth" in February 2026. ^[4]​

In September 2023, he was part of the Phoenix Group delegation that attended the Cantor Fitzgerald Global Technology Conference in New York to engage with institutional investors. ^{[1] [10]}​

In 2024, Munaf Ali was named to Entrepreneur Middle East's "The 100," a list recognizing the most influential business leaders and innovators in the UAE's business community. ^[2] The publication highlighted his role in pioneering the future of digital finance and leading Phoenix Group's successful IPO. ^[7]​

Interviews

Inside Bitcoin Mining #01

On September 23, 2025, Munaf Ali appeared in an interview on the YouTube channel hosted by Henri Arslanian, titled Inside Bitcoin Mining: My interview with Munaf Ali, Founder and CEO at Phoenix Group. During the discussion, Ali outlined his views on current developments in Bitcoin mining and the role of the Middle East, with particular reference to the United Arab Emirates, in the digital asset sector.

Ali stated that the United Arab Emirates has become one of the larger sovereign holders of Bitcoin, which he associated with policy decisions and infrastructure development related to digital assets. He referenced the expansion of Phoenix Group to illustrate how mining operations have been established in the Middle East and Africa, citing factors such as energy availability and regulatory frameworks.

In the interview, Ali also described changes in the operational scope of Bitcoin mining. According to his account, mining activities are increasingly connected to artificial intelligence workloads and data infrastructure, leading some operators to allocate energy resources across multiple computational uses rather than focusing exclusively on mining.

The conversation addressed corporate treasury practices, where Ali explained the concept of Digital Asset Treasury structures as a method used by some companies to hold Bitcoin on their balance sheets. He noted that this approach is being adopted in different regions and reflects changing strategies in corporate asset management.

Ali additionally discussed cross-regional dynamics, emphasizing links between Asia and the Middle East in the context of mining, energy resources, and infrastructure development. He suggested that geographic positioning and early operational presence may affect participation in future mining cycles.

Overall, the interview presented Ali’s perspective on Bitcoin as an asset class that is increasingly incorporated into governmental and corporate frameworks. His remarks focused on infrastructure, regulatory participation, and regional strategy as factors influencing the ongoing development of the digital asset and mining landscape. ^[11]

From Banker to Crypto Infrastructure Builder #02

In an interview aired on the FUMO: Future of Money Podcast on May 26, 2025, Munaf Ali discussed his professional background and his perspective on the development of crypto-related infrastructure. During the conversation, he outlined his career path, which included experience in banking and luxury real estate before founding Phoenix Group, a company engaged in cryptocurrency mining and data center operations.

According to Ali, his involvement with digital assets began after a personal interaction that led him to examine cryptocurrencies more closely. He stated that this experience resulted in initial mining activities starting in 2017. He described how these early efforts expanded over time, influenced by factors such as electricity costs, climate conditions, and regulatory environments. Ali explained that Phoenix Group subsequently established mining and data center operations in several regions, including North America, Europe, and the Middle East.

Ali also presented his view of Bitcoin mining as a technical process that supports transaction validation within decentralized networks. He described operational considerations associated with mining activities, including energy consumption and cooling requirements, and noted the company’s use of modular and containerized data centers to manage infrastructure across different locations. He indicated that these facilities are designed to support mining operations as well as other compute-intensive applications.

The interview took place after Phoenix Group completed its initial public offering on the Abu Dhabi Securities Exchange. In the discussion, Ali addressed the company’s transition toward a more structured corporate model and commented on broader trends related to institutional involvement in crypto mining. He concluded by sharing his assessment of the current level of global cryptocurrency adoption and the ongoing development of related technologies, as observed from his professional experience. ^[12]