1 year ago
Abu Dhabi’s Phoenix Group, a Bitcoin (BTC) mining work provider, has completed an archetypal nationalist offering (IPO) that sold 907 cardinal shares, raising astir 1.3 cardinal UAE Dirhams, oregon $370 million, according to a Nov. 21 statement.
The steadfast said the IPO surpassed its archetypal expectations, raising 33 times the projected amount. Demand from retail investors led to the IPO being oversubscribed by 180 times, with nonrecreational investors subscribing 22 times the offering.
According to the firm, its IPO occurrence reflected its coagulated lasting successful the burgeoning Middle Eastern crypto economy.
Phoenix Group’s operations span hosting and mining services crossed the U.S., Canada, Europe, and the Middle East. According to its website, the steadfast has a 725MW planetary mining cognition that cements its presumption arsenic a person successful the space. Additionally, it manages an Abu Dhabi-regulated crypto concern platform, M2.
Bijan Alizadehfard, Co-Founder and Group CEO of Phoenix Group PLC, said:
“The overwhelming involvement during the connection play is simply a almighty endorsement of our pioneering relation successful Cryptocurrency Mining and Blockchain.” He emphasized that this fervor signifies capitalist assurance successful the company’s imaginativeness and potential.
Phoenix said it would statesman trading nether the ticker PHX connected the Abu Dhabi Securities Exchange (ADX) by Dec. 4.
TheMinerMag archetypal reported the news.
Meanwhile, Phoenix Group’s IPO coincides with a emergence successful Bitcoin mining activities successful anticipation of the adjacent halving. CryptoSlate reported that miners of the apical cryptocurrency person been demonstrating exceptional enactment and achieving a record-breaking hash rate.
Similarly, it besides follows the caller increase successful Bitcoin miners’ gross amidst a surge successful transaction fees connected the network.
The station Phoenix Group IPO raises $370M, signaling capitalist assurance successful Middle Eastern crypto economy appeared archetypal connected CryptoSlate.
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