Middle East-based Bitcoin miner, Phoenix Group, has made a successful debut on the Abu Dhabi Securities Exchange (ADX), becoming the first crypto-related firm to go public in the region. Despite a slight delay in its listing due to public holidays, the miner’s stock price surged over 50% on its first day of trading. This strong performance can be attributed to the high interest and attention Phoenix has garnered since its initial public offering (IPO) raised $370 million in November. The firm’s post-IPO valuation is estimated at approximately $2.47 billion. Phoenix Group has solidified its position as a major BTC miner in the Middle East, with a global mining operation spanning multiple countries. The success of Phoenix’s IPO reflects the growing investor interest in Bitcoin, with institutional investors indirectly embracing exposure through investments in Bitcoin mining companies. Factors such as soaring oil prices, governmental privatization initiatives, and the UAE’s supportive regulatory landscape have further bolstered IPO activities in the region.

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Information Details
Geography Middle East
Countries 🇴🇲 🇨🇦
Sentiment very positive
Relevance Score 1
People None
Companies International Holding Company, Abu Dhabi Securities Exchange (ADX), Phoenix Group, International Tech Group, X (formerly Twitter)
Currencies Bitcoin, United Arab Emirates Dirham
Securities None

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