Phoenix Group’s Bitcoin Mining IPO Surpasses Expectations with $370 Million in Subscriptions

Phoenix Group’s Bitcoin Mining IPO Surpasses Expectations with $370 Million in Subscriptions

Phoenix Group Successfully Completes $370M IPO

Phoenix Group, a leading Bitcoin (BTC) mining service provider headquartered in Abu Dhabi, recently announced the successful conclusion of its Initial Public Offering (IPO), raising an impressive $370 Million in capital.

The IPO, which took place on the Abu Dhabi Securities Exchange (ADX), received an overwhelming response, with subscriptions surpassing the initial offering price by 33 times. Particularly noteworthy was the strong interest from retail investors, whose subscriptions had more than expectations by 180 times.

The EV Boom: How Rio Tinto, a $100 Billion Mining Giant, is Positioned for Success

Key Details of Phoenix Group IPO

The IPO, which ran from Nov. 16 to Nov. 18, involved the sale of 907 Million shares, equivalent to 17.64% of the company’s stakes, with the goal of raising 1.3 Billion UAE dirhams, or around $370 Million. Trading of the shares under the ticker PHX is scheduled to start on Dec. 4.

Phoenix Group’s Business Operations

Phoenix Group operates in numerous sectors within the cryptocurrency industry, expanding its presence universally in the United States, Canada, Europe, and the Middle East. This includes offering hosting services, Bitcoin (BTC) mining, retail sales of miners and hardware wallets, and operating M2, a regulated cryptocurrency investment platform based in Abu Dhabi.

$22M Worth of Crypto Asset Transferred by FTX and Alameda

In its IPO prospectus, Phoenix Group revealed a gross profit of $76 Million for the first nine months of the present year from a revenue of $229 Million. The company likewise achieved a gross profit of $171 Million and a gross margin of 22.6% in 2022.

Hot Take

Phoenix Group’s successful IPO demonstrates the strong demand and confidence in the cryptocurrency industry. With substantial financial resources raised, Phoenix Group is well-positioned to further expand its operations and investment initiatives, driving innovation and growth within the digital currency space.

Study: Majority of Web3 Games Launched from 2018 to 2023 Are Currently Inactive
Author – Contributor at | Website

Noah Rypton stands as an enigmatic fusion of crypto analyst, relentless researcher, and editorial virtuoso, illuminating the uncharted corridors of cryptocurrency. His odyssey through the crypto realms reveals intricate tapestries of digital assets, resonating harmoniously with seekers of all stripes. Noah’s ability to unfurl the labyrinthine nuances of crypto intricacies is elegantly interwoven with his editorial finesse, transmuting complexity into an engaging symphony of comprehension.

Arbitrum DAO Endorses $23 Million ‘Backfund’ for Projects Overlooked in Initial Grant Allocation
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

Subscribe to our Social Media for Exclusive Crypto News and Insights 24/7!

Email me the hottest Crypto news!

Latest Crypto News

Share via
Share via