1 year ago
The United Arab Emirates (UAE) is making its introduction into the bitcoin mining sector. In a caller declaration by Phoenix Group PLC, a bitcoin mining enterprise, it was revealed that the institution successfully garnered $370 cardinal done an archetypal nationalist offering (IPO) that was highly sought after, achieving a 33-fold oversubscription.
UAE Forges New Path successful Bitcoin Mining With Phoenix Group’s $370M IPO
Bitcoin mining and blockchain infrastructure steadfast Phoenix Group has announced it’s raised 1.3 cardinal UAE dirhams ($370 million) successful an IPO that started connected November 16 and closed 2 days later. The institution volition beryllium listed connected the Abu Dhabi Securities Exchange (ADX) with the ticker PHX.
“The overwhelming involvement during the connection play is simply a almighty endorsement of our pioneering relation successful cryptocurrency mining and blockchain,” Bijan Alizadehfard, the co-founder and radical CEO of Phoenix said.
The company’s prospectus says that it has established important operations including a mining workplace successful Oman successful collaboration with Green Data City and Microbt. Phoenix is besides progressive successful aggregate different ventures, specified arsenic hosting agreements with PTC Cloud Tech – FZCO, powerfulness proviso contracts with Marlboro Electric Cooperative, and a 20% involvement successful Bitzero Inc.
The prospectus details that the company’s absorption initially is connected maturation and expansion, with plans to follow an progressive dividend argumentation aft 2-3 years. This strategy is designed to instrumentality to shareholders substantially each of its distributable escaped currency travel portion maintaining an investment-grade recognition profile. Phoenix co-founder Munaf Ali added the superior rise from the IPO was a important milestone.
“The exceptional oversubscription during our connection play is simply a wide indicator of the market’s endorsement of Phoenix Group arsenic a person successful Cryptocurrency Mining and Blockchain Technology,” Ali stated.
What bash you deliberation astir Phoenix’s IPO raise? Share your thoughts and opinions astir this taxable successful the comments conception below.
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