UAE’s Bitcoin Mining Firm Phoenix Group Secures $370 Million in Oversubscribed IPO

Share This Post

UAE's Bitcoin Mining Firm Phoenix Group Secures $370 Million in Oversubscribed IPO

The United Arab Emirates (UAE) is making its entry into the bitcoin mining sector. In a recent declaration by Phoenix Group PLC, a bitcoin mining enterprise, it was revealed that the company successfully garnered $370 million through an initial public offering (IPO) that was highly sought after, achieving a 33-fold oversubscription.

UAE Forges New Path in Bitcoin Mining With Phoenix Group’s $370M IPO

Bitcoin mining and blockchain infrastructure firm Phoenix Group has announced it’s raised 1.3 billion UAE dirhams ($370 million) in an IPO that started on November 16 and closed two days later. The company will be listed on the Abu Dhabi Securities Exchange (ADX) with the ticker PHX.

“The overwhelming interest during the offer period is a powerful endorsement of our pioneering role in cryptocurrency mining and blockchain,” Bijan Alizadehfard, the co-founder and group CEO of Phoenix said.

The company’s prospectus says that it has established significant operations including a mining farm in Oman in collaboration with Green Data City and Microbt. Phoenix is also involved in multiple other ventures, such as hosting agreements with PTC Cloud Tech – FZCO, power supply contracts with Marlboro Electric Cooperative, and a 20% stake in Bitzero Inc.

The prospectus details that the company’s focus initially is on growth and expansion, with plans to adopt an active dividend policy after 2-3 years. This strategy is designed to return to shareholders substantially all of its distributable free cash flow while maintaining an investment-grade credit profile. Phoenix co-founder Munaf Ali added the capital raise from the IPO was a significant milestone.

“The exceptional oversubscription during our offer period is a clear indicator of the market’s endorsement of Phoenix Group as a leader in Cryptocurrency Mining and Blockchain Technology,” Ali stated.

What do you think about Phoenix’s IPO raise? Share your thoughts and opinions about this subject in the comments section below.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

From Premiums to Discounts: Bitcoin’s Wild Ride Splits Global Markets

In the past week, the crypto market has been buzzing with action, with bitcoin smashing its way to a new all-time high of $99,800 per coin on Thursday Data reveals an intriguing dynamic during this

XRP Analyst Sets $2 Target If It Holds Key Level – Can It Reach Multi-Year Highs?

XRP has emerged as a standout leader in the recent crypto rally, delivering massive gains and fueling optimism among investors The price has skyrocketed by an astonishing 225% in under three weeks,

Latam Insights: El Salvador’s Bitcoin Debt Idea, Milei’s MAGA

Welcome to Latam Insights, a compendium of the most relevant crypto and economic news from Latin America over the past week In this issue, Max Keiser floats an idea to allow El Salvador to acquire

XRP Below $1? Not Happening, Claims Millionaire Analyst

Ripple’s XRP has traded below the $1 level for nearly three years, affected primarily by the cases filed by the US Securities and Exchange Commission (SEC) Even during the mini bull run immediately

Howard Lutnick’s Firm, Cantor Fitzgerald To Work With Tether For $2B Project

The post Howard Lutnick’s Firm, Cantor Fitzgerald To Work With Tether For $2B Project appeared first on Coinpedia Fintech News As per the latest Bloomberg report, Financial services firm Cantor

As BTC Approaches $100K, Tether mints an additional $3 billion in USDT Tokens

The post As BTC Approaches $100K, Tether mints an additional $3 billion in USDT Tokens appeared first on Coinpedia Fintech News As Bitcoin approached the $100,000 price level, Stablecoin issuer