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Phoenix

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Phoenix Group, a leading cryptocurrency mining firm, has made a triumphant entry into the Abu Dhabi Securities Exchange (ADX), marking one of the Middle East's first public listings in the industry. On December 5, 2023, Phoenix Group's stock opened at 2.25 dirhams ($0.6), soaring 50% from its initial public offering (IPO) price of 1.50 dirhams ($0.41). This surge comes after a highly successful IPO on November 18, which saw an oversubscription rate of 33 times, raising approximately 1.3 billion AED, or $371 million, according to <a href="https://cointelegraph.com/news/phoenix-surges-50-abu-dhabi-ipo" rel="noopener noreferrer nofollow">Cointelegraph</a>.
The retail portion of the IPO was notably oversubscribed 180 times, while professional investors oversubscribed by 22 times. Phoenix Group aims to utilize the IPO funds to fuel its growth and deliver investor returns. Co-founder and CEO Bijan Alizadeh outlines the company's strategy on four pillars: Bitcoin mining innovation, renewable energy ventures, advanced manufacturing, and strategic acquisitions.
Founded in 2015 by Alizadeh and Munaf Ali, Phoenix has been a significant player in the Middle East's blockchain sector, collaborating with regional authorities. In August 2023, the company announced a $300 million crypto-mining farm in <a href="https://ultramining.com/news/en/moscow-resident-ordered-to-pay-870-000-rubles-for-illegal-mining-farm-electricity-use/" rel="noopener noreferrer nofollow">Oman</a>, under the watchful eyes of Omani Minister of Transport Saeed Al Maawali and Hisham Malak, chairman of the Abu Dhabi Stock Exchange.
Sustainability is a key focus for Phoenix, with 95% of its power derived from renewable sources, primarily hydropower. This commitment was emphasized by Alizadeh in September 2023. Further cementing its market position, in October 2023, the Abu Dhabi conglomerate International Holding Company acquired a 10% stake in Phoenix Group through its subsidiary, International Tech Group.
This development is a significant milestone for the cryptocurrency mining industry, highlighting the growing interest and investment in this sector.&nbsp;

Phoenix Group’s Stellar Debut on Abu Dhabi Exchange

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