Phoenix Group’s Bitcoin Mining Company Goes Public in the United Arab Emirates
Phoenix Group, an emerging leader in the cryptocurrency mining sector, successfully concluded its initial public offering (IPO) in the United Arab Emirates, marking a significant achievement in the regional financial landscape. The offering, which closed on November 18, saw a remarkable oversubscription of 33 times, with particularly strong response from retail investors who oversubscribed by an astonishing 180 times.
The successful completion of Phoenix Group’s IPO marks a pivotal moment for the flourishing cryptocurrency sector in the UAE. The country proactively works to enhance its technological advancement environment, with a strong focus on blockchain and digital currencies. This event signifies the increasing adoption of cryptocurrency technologies in the region.
Latest Deals by Phoenix Group:
In Abu Dhabi, Phoenix Group partnered to develop a 150-megawatt cryptocurrency mining farm, expected to be operational by the second quarter of 2024.
In August, a collaboration between Green Data City in Oman and Phoenix Group aims to create a sustainable and significant center for cryptocurrency mining data in the region, incorporating solar shades and employing local technicians, with a project cost of $300 million.
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In November, the cryptocurrency exchange M2 and Phoenix Group entered into a partnership to provide investment returns in Bitcoin and Ethereum, backed by a Bitcoin mining operation with a capacity of 725 megawatts. These developments highlight the increasing growth and diversification of the cryptocurrency industry within the region.
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