U.At this time – In a historic transfer for the Center East’s blockchain trade, crypto mining agency Phoenix Group has efficiently gone public, debuting on the Abu Dhabi Securities Trade (ADX). The corporate’s inventory worth at 2.25 dirhams ($0.6) earlier at the moment, surging a formidable 50% from its Preliminary Public Providing (IPO) worth of 1.50 dirhams ($0.41).
Phoenix Group makes historical past
Phoenix Group’s public itemizing comes on the heels of a extremely profitable IPO that on Nov. 18, with an oversubscription of 33 occasions. The corporate offered 907,323,529 shares for about 1.3 billion dirhams ($371 million). Notably, the retail investor phase oversubscribed 180 occasions, highlighting the sturdy retail curiosity, whereas skilled buyers oversubscribed the providing 22 occasions.
Phoenix Group’s inventory worth surge on the ADX trade additional cements its constructive market reception and investor confidence within the firm’s prospects. The 50% enhance is a testomony to the market’s perception in Phoenix Group’s potential to navigate the complexities of the crypto trade and capitalize on the rising demand for digital belongings.
Notably, Phoenix Group’s strategic collaborations and investments have contributed to its success and market attraction. In August, the corporate signed an settlement to construct a $300 million crypto-mining farm in Oman.
Moreover, in October, the Worldwide Holding Firm, an Abu Dhabi conglomerate, acquired a ten% stake in Phoenix Group via its subsidiary Worldwide Tech Group, additional strengthening Phoenix’s monetary place and market affect.
International developments in mining
The announcement of Phoenix Group’s public itemizing coincides with notable developments within the international Bitcoin mining trade. A current that Bitcoin mining issue adjustment has reached a file excessive of 67.96 T (terahashes).
Concurrently, Twitter founder Jack Dorsey has made a serious in OCEAN, a singular venture to alter the worldwide panorama of Bitcoin mining.
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