Posted 12/5/2023, 9:42:25 AM
Phoenix Group Shares Surge 50% in Abu Dhabi IPO Raising $371 Million for Bitcoin Mining Innovation
- Phoenix Group stock price opened at $0.6 on the Abu Dhabi Stock Exchange (ADX), surging 50% from its IPO price of $0.41
- The crypto mining firm raised around $371 million in its recent oversubscribed IPO
- Phoenix aims to use the proceeds to fund innovation in Bitcoin mining, renewable energy, manufacturing capabilities, and strategic acquisitions
- The company is committed to sustainability, with 95% of its power coming from renewable sources like hydropower
- Prior to listing, Abu Dhabi's International Holding Company acquired a 10% stake in Phoenix Group