Phoenix Group: An Innovator in Crypto Mining Debuts on the Abu Dhabi Securities Exchange
Summary:
Phoenix Group, a cryptocurrency mining firm, has begun trading on the Abu Dhabi Securities Exchange, one of the first such listings in the Middle East. The firm, which plans to use funds from its IPO to fuel growth and deliver investor returns, is focused on Bitcoin mining innovation, renewable energy ventures, enhanced manufacturing, and strategic acquisitions. Founded in 2015, Phoenix is a significant player in the Middle East blockchain sector. The company is committed to sustainable cryptocurrency mining, with 95% of its power derived from renewable sources.
Phoenix Group, a firm specializing in cryptocurrency mining, has commenced trading on the Abu Dhabi Securities Exchange (ADX), making it one of the pioneers in the Middle East's public domain. Phoenix Group's stock (PHX), which started trading at AED 2.25 ($0.6) on 5th December, has observed a 50% surge from its Initial Public Offering (IPO) price of AED 1.50 ($0.41), based on the specifications in its IPO prospectus.
The company's public listing came on the heels of a successful completion of its IPO on November 18, experiencing a 33-fold oversubscription and selling 907,323,529 shares equivalent to about AED 1.3 billion ($371 million). The section of the IPO set aside for retail investors was over-applied 180 times, while the part for professional investors was subscribed 22 times.
Phoenix Group plans to utilize the capital from its IPO to promote its growth and provide satisfactory returns to its investors. The company's co-founder and CEO, Bijan Alizadeh, stated that the company's strategy is rooted in four primary objectives: innovating Bitcoin mining, venturing into renewable energy, upgrading manufacturing capabilities and targeted acquisitions.
Phoenix, established by Alizadeh and Munaf Ali in 2015, is an influential entity in the Middle East blockchain industry and frequently partners with leading regional authorities. In August 2023, Phoenix reached an agreement to develop a $300 million cryptocurrency mining farm in Oman in the presence of Omani Transport Minister Saeed Al Maawali and the chairman of ADX, Hisham Malak.
Phoenix's strategy extends beyond just mining, with a strong commitment towards eco-friendly cryptocurrency mining using renewable sources. As of September 2023, 95% of Phoenix's energy consumption is from green energy, primarily hydropower, as stated by Alizadeh. In October 2023, Abu Dhabi-based conglomerate, International Holding Company, bought 10% of Phoenix through its offshoot, International Tech Group.
Published At
12/5/2023 9:41:15 AM
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