Bitcoin miner Phoenix surges 50% after $371M Abu Dhabi IPO

Cryptocurrency mining steadfast Phoenix Group has debuted trading connected the Abu Dhabi Securities Exchange (ADX), becoming 1 of the Middle East’s archetypal publically listed manufacture firms.

The Phoenix Group banal (PHX) opened astatine 2.25 dirhams (AED) — oregon $0.6 — connected Dec. 5, according to information from the ADX exchange. The PHX banal has soared arsenic overmuch arsenic 50% from the archetypal nationalist offering (IPO) terms of 1.50 AED, oregon $0.41, arsenic per the Phoenix IPO prospectus.

The nationalist listing comes a fewer weeks aft Phoenix Group successfully closed its IPO with an oversubscription of 33 times connected Nov. 18, selling 907,323,529 shares for astir 1.3 cardinal AED, oregon $371 million. The information of the IPO reserved for retail investors was oversubscribed 180 times, portion nonrecreational investors oversubscribed the offering 22 times.

The Phoenix cryptocurrency miner aims to usage the IPO proceeds to money its aboriginal maturation and present affirmative returns for investors. According to Phoenix Group co-founder and CEO Bijan Alizadeh, the company’s ambitions are anchored by 4 pillars, including “innovation successful Bitcoin mining, renewable vigor ventures, precocious manufacturing capabilities and strategical acquisitions.”

Founded successful 2015 by Alizadeh and Munaf Ali, Phoenix is simply a large institution successful the Middle East blockchain industry, collaborating with large authorities successful the region. In August 2023, Phoenix signed an statement to physique a $300 cardinal crypto-mining workplace successful Oman, successful the beingness of Omani Minister of Transport Saeed Al Maawali and president of the Abu Dhabi Stock Exchange, Hisham Malak.

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One of the main aspects of Phoenix’s imaginativeness is its committedness to sustainability successful cryptocurrency mining, oregon utilizing renewable sources for cryptocurrency mining. 95% of Phoenix’s powerfulness comes from renewables, chiefly hydropower, Alizadeh said successful September 2023.

In October 2023, Abu Dhabi conglomerate International Holding Company acquired a 10% involvement successful cryptocurrency steadfast Phoenix Group done its subsidiary International Tech Group.

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