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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 opened 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).
Phoenix Group makes history
Phoenix Group’s public listing comes on the heels of a highly successful IPO that closed 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.
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.
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.
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.
Global developments in Bitcoin mining
The announcement of Phoenix Group’s public listing coincides with notable developments in the global Bitcoin mining industry. A recent report revealed that Bitcoin mining difficulty adjustment has reached a record high of 67.96 T (terahashes).
Simultaneously, Twitter founder Jack Dorsey has made a major seed round investment in OCEAN, a unique project to change the worldwide landscape of Bitcoin mining.