Abu Dhabi-based Bitcoin mining service provider, Phoenix Group, has successfully completed its initial public offering (IPO), raising approximately $370 million. The IPO, which sold 907 million shares, surpassed the firm’s initial expectations by raising 33 times the projected amount. The overwhelming demand from retail investors led to the IPO being oversubscribed by 180 times, with professional investors subscribing 22 times the offering. This success reflects the company’s solid standing in the growing Middle Eastern crypto economy. Phoenix Group operates globally, offering hosting and mining services across the U.S., Canada, Europe, and the Middle East. With a 725MW global mining operation, the company is positioned as a leader in the industry. It also manages a regulated crypto investment platform called M2. The CEO of Phoenix Group emphasized that the strong interest in the IPO signifies investor confidence in the company’s vision and potential. The company is set to begin trading on the Abu Dhabi Securities Exchange by December 4th. This IPO comes at a time when Bitcoin mining activities are on the rise, with miners demonstrating exceptional activity and achieving record-breaking hash rates. Additionally, Bitcoin miners’ revenue has increased due to a surge in transaction fees on the network.

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Information	Details
Geography	Middle East
Countries	🇦🇪
Sentiment	positive
Relevance Score	1
People	Bijan Alizadehfard
Companies	Abu Dhabi Securities Exchange (ADX), TheMinerMag, Phoenix Group PLC
Currencies	Bitcoin, uae dirhams
Securities	None