[ad_1]
Cryptocurrency mining agency Phoenix Group has debuted buying and selling on the Abu Dhabi Securities Change (ADX), turning into one of many Center East’s first publicly listed trade companies.
The Phoenix Group inventory (PHX) opened at 2.25 dirhams (AED) — or $0.6 — on Dec. 5, in line with knowledge from the ADX change. The PHX inventory has soared as a lot as 50% from the preliminary public providing (IPO) worth 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 efficiently closed its IPO with an oversubscription of 33 occasions on Nov. 18, promoting 907,323,529 shares for round 1.three 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 progress and ship constructive returns for traders. In response 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 power ventures, superior manufacturing capabilities and strategic acquisitions.”
Based in 2015 by Alizadeh and Munaf Ali, Phoenix is a serious firm within the Center East blockchain trade, 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 Change, Hisham Malak.
Associated: CZ challenges US gov’t try to limit journey earlier than sentencing date
One of many primary elements 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 stated in September 2023.
In October 2023, Abu Dhabi conglomerate Worldwide Holding Firm acquired a 10% stake in cryptocurrency agency Phoenix Group by way of its subsidiary Worldwide Tech Group.
Journal: Bitcoin ETF race has a brand new participant, Binance ends assist for BUSD, and extra: Hodler’s Digest: Nov. 26 – Dec. 2
[ad_2]
Source link