Home>Business>Bitcoin miner Phoenix surges 50% after $371M Abu Dhabi IPO

Bitcoin miner Phoenix surges 50% after $371M Abu Dhabi IPO

Cryptocurrency mining agency Phoenix Group has debuted buying and selling on the Abu Dhabi Securities Trade (ADX), changing into one of many Center East’s first publicly listed business corporations.

The Phoenix Group inventory (PHX) opened at 2.25 dirhams (AED) — or $0.6 — on Dec. 5, in response to information from the ADX trade. The PHX inventory has soared as a lot as 50% from the preliminary public providing (IPO) value of 1.50 AED, or $0.41, as per the Phoenix IPO prospectus.

The general public itemizing comes a number of weeks after Phoenix Group successfully closed its IPO with an oversubscription of 33 occasions on Nov. 18, promoting 907,323,529 shares for round 1.3 billion AED, or $371 million. The portion of the IPO reserved for retail traders was oversubscribed 180 occasions, whereas skilled traders oversubscribed the providing 22 occasions.

The Phoenix cryptocurrency miner goals to make use of the IPO proceeds to fund its future development and ship optimistic returns for traders. According to Phoenix Group co-founder and CEO Bijan Alizadeh, the corporate’s ambitions are anchored by 4 pillars, together with “innovation in Bitcoin mining, renewable vitality ventures, superior manufacturing capabilities and strategic acquisitions.”

Based in 2015 by Alizadeh and Munaf Ali, Phoenix is a significant firm within the Center East blockchain business, collaborating with main authorities within the area. In August 2023, Phoenix signed an settlement to construct a $300 million crypto-mining farm in Oman, within the presence of Omani Minister of Transport Saeed Al Maawali and chairman of the Abu Dhabi Inventory Trade, Hisham Malak.

Associated: CZ challenges US gov’t attempt to restrict travel before sentencing date

One of many essential points of Phoenix’s imaginative and prescient is its dedication to sustainability in cryptocurrency mining, or utilizing renewable sources for cryptocurrency mining. 95% of Phoenix’s energy comes from renewables, primarily hydropower, Alizadeh said in September 2023.

In October 2023, Abu Dhabi conglomerate Worldwide Holding Firm acquired a ten% stake in cryptocurrency agency Phoenix Group by way of its subsidiary Worldwide Tech Group.

Journal: Bitcoin ETF race has a new player, Binance ends support for BUSD, and more: Hodler’s Digest: Nov. 26 – Dec. 2