Abu Dhabi’s Phoenix Group, a Bitcoin (BTC) mining service supplier, has accomplished an preliminary public providing (IPO) that offered 907 million shares, elevating roughly 1.3 billion UAE Dirhams, or $370 million, in accordance with a Nov. 21 assertion.
The agency stated the IPO surpassed its preliminary expectations, elevating 33 instances the projected quantity. Demand from retail traders led to the IPO being oversubscribed by 180 instances, with skilled traders subscribing 22 instances the providing.
In keeping with the agency, its IPO success mirrored its strong standing within the burgeoning Center Jap crypto economic system.
Phoenix Group’s operations span internet hosting and mining providers throughout the U.S., Canada, Europe, and the Center East. In keeping with its web site, the agency has a 725MW world mining operation that cements its place as a frontrunner within the area. Moreover, it manages an Abu Dhabi-regulated crypto funding platform, M2.
Bijan Alizadehfard, Co-Founder and Group CEO of Phoenix Group PLC, stated:
“The overwhelming curiosity in the course of the provide interval is a strong endorsement of our pioneering position in Cryptocurrency Mining and Blockchain.” He emphasised that this fervor signifies investor confidence within the firm’s imaginative and prescient and potential.
Phoenix stated it will start buying and selling below the ticker PHX on the Abu Dhabi Securities Trade (ADX) by Dec. 4.
TheMinerMag first reported the information.
In the meantime, Phoenix Group’s IPO coincides with an increase in Bitcoin mining actions in anticipation of the subsequent halving. CryptoSlate reported that miners of the highest cryptocurrency have been demonstrating distinctive exercise and attaining a record-breaking hash charge.
Equally, it additionally follows the latest improve in Bitcoin miners’ income amidst a surge in transaction charges on the community.
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