Cryptocurrency Mining Firm Phoenix Group Begins Trading on Abu Dhabi Securities Exchange
Phoenix Group, a cryptocurrency mining firm, has made its debut on the Abu Dhabi Securities Exchange (ADX), making it one of the first publicly listed companies in the Middle East’s crypto industry. The stock price for Phoenix Group opened at 2.25 dirhams ($0.6) on Dec. 5, and it has seen a significant increase of up to 50% from its initial public offering (IPO) price of 1.50 dirhams ($0.41). The IPO was highly successful, with an oversubscription of 33 times, selling over 900 million shares for around $371 million.
Using IPO Proceeds to Fund Future Growth
Phoenix Group plans to use the proceeds from its IPO to support its future growth and generate positive returns for investors. The company’s CEO, Bijan Alizadeh, outlined four main pillars that will drive its ambitions: innovation in Bitcoin mining, renewable energy ventures, advanced manufacturing capabilities, and strategic acquisitions.
Pioneering Sustainability in Cryptocurrency Mining
Sustainability is a crucial aspect of Phoenix Group’s vision for cryptocurrency mining. The company is committed to using renewable energy sources for its operations and currently relies on renewables for around 95% of its power, primarily hydropower.
Expansion and Collaboration in the Middle East
Founded in 2015 by Alizadeh and Munaf Ali, Phoenix Group is a prominent player in the Middle East’s blockchain industry and has partnered with major regional authorities. In August 2023, the company signed an agreement to build a $300 million crypto mining farm in Oman. Additionally, Abu Dhabi conglomerate International Holding Company acquired a 10% stake in Phoenix Group through its subsidiary International Tech Group in October 2023.
Hot Take: Phoenix Group Marks Milestone as One of the First Publicly Listed Crypto Firms in the Middle East
Phoenix Group’s listing on the Abu Dhabi Securities Exchange is a significant milestone for the crypto industry in the Middle East. As one of the first publicly listed companies in the region, Phoenix Group’s success highlights the growing interest and investment in cryptocurrencies. With its focus on sustainability and ambitious growth plans, Phoenix Group is well-positioned to capitalize on the opportunities in the crypto market.
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