Phoenix Group, a leading cryptocurrency mining company, recently completed its initial public offering (IPO) in the United Arab Emirates, achieving an important achievement in the financial sector of the region.
The offering, which successfully concluded on November 18, was well received, as the IPOs submitted by retail investors exceeded 180 times the available offer.
The completion of the initial public offering of the “Phoenix” Group is a turning point in the growing cryptocurrency sector in the UAE, which is considered a pioneer in the adoption and support of new technologies such as blockchain and digital currencies.
In August, the Green Data city in Oman and the”Phoenix Group” in Abu Dhabi announced a collaboration to create a 150-megawatt cryptocurrency mining farm, which is expected to start operation in the second quarter of 2024.
The project, which has a cost of 300 million dollars, aims to provide a sustainable mining solution based on a data center equipped with sunshades and using local technicians.
In November, Phoenix Group entered into a partnership with cryptocurrency trading platform M2 to offer investment returns on bitcoin and Ethereum, supported by a bitcoin mining operation with a capacity of 725 MW, confirming the company’s commitment to expand and strengthen the mining sector in the region.
