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Crypto Miner Phoenix Group's Shares Surge 35% in Abu Dhabi Stock Market Debut
In November, the UAE-based company said its initial public offering (IPO) was 33-times oversubscribed.
Updated Mar 8, 2024, 6:16 p.m. Published Dec 5, 2023, 3:22 p.m.
Shares of cryptocurrency miner Phoenix Group (PHX) rose 35% to 2.03 dirhams ($0.55) on Tuesday, their first day of trading on the Abu Dhabi Securities Exchange (ADX).
The shares, which sold for 1.50 dirhams in the UAE-based company's 1.36 billion-dirham ($368 million) initial public offering (IPO) in November, rose as much as 50% to touch 2.25 dirhams during the day. The share sale was 33-time oversubscribed, it said at the time.
Phoenix Group offers mining through hosting services and a cloud-based service whereby clients rent hashrate. The company also runs a cryptocurrency exchange called M2, powered by its native Ethereum-based token, MMX.
International Holding Company, which is chaired by Tahnoon bin Zayed Al Nahyan, brother of UAE president and Abu Dhabi ruler Mohamed bin Zayed Al Nahyan, acquired a 10% stake in Phoenix Group in early October.
Read More: M2 Crypto Exchange Launches in the UAE
Jamie Crawley
Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.
