Phoenix Group IPO raises $370 million, signaling investor confidence in the Middle East cryptocurrency economy.

Abu Dhabi-based Phoenix Group, a Bitcoin (BTC) mining service provider, sold 907 million shares to raise about 1.3 billion UAE dirhams, or $370 million, according to a statement on November 21. We have completed our initial public offering (IPO).

The company said the IPO surpassed initial expectations, raising 33 times the amount expected. Due to demand from individual investors, the IPO was oversubscribed by 180 times, while professional investors subscribed 22 times the offering amount.

According to the company, the success of the IPO reflected its solid presence in the fast-growing Middle East cryptocurrency economy.

Phoenix Group operates hosting and mining services throughout the United States, Canada, Europe, and the Middle East. According to its website, the company operates a 725 MW global mining operation, solidifying its position as a leader in the sector. It also manages M2, a cryptocurrency investment platform regulated in Abu Dhabi.

Bijan Alizadehfard, Co-Founder and Group CEO of Phoenix Group PLC, said:

“The overwhelming interest during the offering was a strong endorsement of our pioneering role in the cryptocurrency mining and blockchain space.” He emphasized that this enthusiasm signals investors’ confidence in the company’s vision and potential.

Phoenix announced that it will begin trading under the ticker PHX on the Abu Dhabi Stock Exchange (ADX) by December 4.

TheMinerMag first reported the news.

Meanwhile, Phoenix Group’s IPO coincided with increased Bitcoin mining activity in anticipation of the next halving. CryptoSlate reported Top cryptocurrency miners have been showing exceptional activity and achieving record hash rates.

Likewise, it follows recent trends. Increase Bitcoin miners’ profits have increased amid a surge in transaction fees on the network.