Posted 12/5/2023, 3:22:00 PM
Phoenix Group Cryptocurrency Miner Shares Soar 35% in Abu Dhabi IPO
- Shares of cryptocurrency miner Phoenix Group (PHX) rose 35% to 2.03 dirhams ($0.55) on first day of trading on Abu Dhabi Securities Exchange (ADX)
- Phoenix Group offers mining through hosting services and cloud-based service for clients to rent hashrate
- The company also runs a cryptocurrency exchange called M2, powered by its native Ethereum-based token, MMX
- Its 1.36 billion-dirham ($368 million) IPO in November was 33-time oversubscribed
- International Holding Company, chaired by brother of UAE president, acquired 10% stake in Phoenix Group in October