Share this article
BTC
$79,248.16
+
1.20%ETH
$1,552.92
-
1.25%USDT
$0.9997
+
0.03%XRP
$1.8792
-
1.28%BNB
$554.74
-
0.36%USDC
$1.0000
-
0.01%SOL
$107.34
+
2.33%DOGE
$0.1478
-
0.13%TRX
$0.2291
-
0.28%ADA
$0.5838
+
2.12%LEO
$8.9714
+
1.00%TON
$3.0736
+
6.85%LINK
$11.44
+
2.33%XLM
$0.2312
+
2.19%AVAX
$16.80
+
5.33%SHIB
$0.0₄1143
+
1.46%SUI
$2.0144
+
5.71%HBAR
$0.1518
+
8.78%OM
$6.2659
+
5.56%BCH
$275.72
+
2.09%Sign Up
- Back to menuNews
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menuSponsored
- Back to menu
- Back to menu
- Back to menuResearch
- Back to menuWebinars & Events
- Back to menu
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.
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.
STORY CONTINUES BELOW
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 has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
