Bitcoin

Phoenix

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<p dir="ltr">In a historic move for the Middle East’s blockchain industry, crypto mining firm Phoenix Group has successfully gone public, debuting on the Abu Dhabi Securities Exchange (ADX). The company's stock price&nbsp;<a href="https://www.adx.ae/English/Pages/ProductsAndServices/Securities/SelectCompany/default.aspx?listedcompanyid=AEE01357P238&amp;pnavTitle=PHOENIX%20GROUP%20%20%20%20%20PLC">opened</a> at 2.25 dirhams ($0.6) earlier today, surging an impressive 50% from its Initial Public Offering (IPO) price of 1.50 dirhams ($0.41).&nbsp;</p>
<h2 id="phoenix-group-makes-history">Phoenix Group makes history</h2>
<p dir="ltr">Phoenix Group's public listing comes on the heels of a highly successful IPO that&nbsp;<a href="https://u.today/bitcoin-mining-company-goes-public-in-uae">closed</a> on Nov. 18, with an oversubscription of 33 times. The company sold 907,323,529 shares for approximately 1.3 billion dirhams ($371 million). Notably, the retail investor segment oversubscribed 180 times, highlighting the strong retail interest, while professional investors oversubscribed the offering 22 times.</p>
<p dir="ltr">Phoenix Group's stock price surge on the ADX exchange further cements its positive market reception and investor confidence in the company's prospects. The 50% increase is a testament to the market's belief in Phoenix Group's ability to navigate the complexities of the crypto industry and capitalize on the growing demand for digital assets.</p>
<p dir="ltr">Notably, Phoenix Group's strategic collaborations and investments have contributed to its success and market appeal. In August, the company signed an agreement to build a $300 million crypto-mining farm in Oman.</p>
<p dir="ltr">Additionally, in October, the International Holding Company, an Abu Dhabi conglomerate, acquired a 10% stake in Phoenix Group through its subsidiary International Tech Group, further strengthening Phoenix's financial position and market influence.</p>
<h2 id="global-developments-in-bitcoin-mining">Global developments in Bitcoin mining</h2>
<p dir="ltr">The announcement of Phoenix Group’s public listing coincides with notable developments in the global Bitcoin mining industry. A recent&nbsp;<a href="https://u.today/bitcoin-mining-difficulty-hits-new-record-high">report revealed</a> that Bitcoin mining difficulty adjustment has reached a record high of 67.96 T (terahashes).</p>
<p dir="ltr">Simultaneously, Twitter founder Jack Dorsey has made a major&nbsp;<a href="https://u.today/twitter-founder-dorsey-invests-millions-in-decentralized-bitcoin-btc-mining">seed round investment</a> in OCEAN, a unique project to change the worldwide landscape of Bitcoin mining.</p>

Bitcoin Miner Phoenix Group Goes Public, Shares Soar 50%

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