Phoenix Group, a prominent cryptocurrency mining firm, has marked a historic milestone by initiating trading on the Abu Dhabi Securities Exchange (ADX), emerging as one of the first publicly listed cryptocurrency companies in the Middle East.
On December 5, Phoenix Group’s stock commenced trading at 2.25 dirhams ($0.6), witnessing an impressive 50% surge from its initial public offering (IPO) price of 1.50 dirhams ($0.41), as outlined in the Phoenix IPO prospectus.
This public listing follows Phoenix Group’s successful IPO closure on November 18, where it experienced oversubscription 33 times over. The company sold 907,323,529 shares, generating approximately 1.3 billion dirhams ($371 million). Notably, the IPO saw significant interest from both retail and professional investors, with oversubscriptions of 180 times and 22 times, respectively.
Phoenix Group intends to utilize the raised capital to fuel its future growth and deliver positive returns to investors. Co-founder and CEO Bijan Alizadeh highlighted the company’s strategic focus on four pillars: innovation in Bitcoin mining, ventures in renewable energy, advanced manufacturing capabilities, and strategic acquisitions.
Established in 2015 by Alizadeh and Munaf Ali, Phoenix has become a major player in the Middle East’s blockchain industry, collaborating with key regional authorities. In August 2023, the company inked an agreement for a $300 million cryptocurrency mining farm in Oman, attended by Omani Minister of Transport Saeed Al Maawali and Hisham Malak, Chairman of the Abu Dhabi Stock Exchange.
A noteworthy aspect of Phoenix’s vision is its commitment to sustainability in cryptocurrency mining, with approximately 95% of the company’s power sourced from renewables, primarily hydropower, according to Alizadeh’s statement in September 2023.
Adding to its achievements, in October 2023, the International Holding Company in Abu Dhabi acquired a 10% stake in Phoenix Group through its subsidiary, International Tech Group, further solidifying the company’s position in the evolving landscape of cryptocurrency and blockchain technology.
