Phoenix Group Makes Historic Middle East Debut on Abu Dhabi Stock Exchange

Phoenix Group is set to list its shares on the Abu Dhabi Securities Exchange tomorrow, marking the first-ever listing in the Middle East for a company operating in cryptocurrency mining and blockchain technology.

The company offered approximately 907 million shares for subscription, representing 18% of its capital, at a price of 1.5 dirhams per share. Following the subscription, the company’s estimated value stands at around $2.47 billion.

It’s worth noting that International Holding Company (IHC), headquartered in Abu Dhabi, owns a 10% stake in Phoenix Group.

The group operates nine mining facilities across the United States, Canada, the UAE, and other countries. Additionally, it has a joint venture with the Abu Dhabi government for a $2 billion cryptocurrency mining site.