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Crypto Miner Phoenix Group's Shares Surge 35% in Abu Dhabi Stock Market Debut

In November, the UAE-based company said its initial public offering (IPO) was 33-times oversubscribed.

By Jamie Crawley|Edited by Sheldon Reback
Updated Mar 8, 2024, 6:16 p.m. Published Dec 5, 2023, 3:22 p.m.
Abu Dhabi (Kamil Rogalinski/Unsplash)
(Kamil Rogalinski/Unsplash)

Shares of cryptocurrency miner Phoenix Group (PHX) rose 35% to 2.03 dirhams ($0.55) on Tuesday, their first day of trading on the Abu Dhabi Securities Exchange (ADX).

The shares, which sold for 1.50 dirhams in the UAE-based company's 1.36 billion-dirham ($368 million) initial public offering (IPO) in November, rose as much as 50% to touch 2.25 dirhams during the day. The share sale was 33-time oversubscribed, it said at the time.

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Phoenix Group offers mining through hosting services and a cloud-based service whereby clients rent hashrate. The company also runs a cryptocurrency exchange called M2, powered by its native Ethereum-based token, MMX.

International Holding Company, which is chaired by Tahnoon bin Zayed Al Nahyan, brother of UAE president and Abu Dhabi ruler Mohamed bin Zayed Al Nahyan, acquired a 10% stake in Phoenix Group in early October.

Read More: M2 Crypto Exchange Launches in the UAE

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Bitcoin holds near $68,000 as volatility cools, WLFI jumps ahead of Mar-a-Lago forum

Ni Oliver Knight, Saksham Diwan|Edited by Sheldon Reback
1 oras ang nakalipas
Bitcoin rangebound (Asa E K/Unsplash)

Bitcoin trades in a tight range as derivatives stabilize and altcoins show pockets of strength ahead of key macro cues and a high-profile crypto event.

Ano ang dapat malaman:

  • Bitcoin is up 0.9% on Wednesday to around $68,000, holding between $65,100 and $72,000 since Feb. 6 as volatility and funding rates cool.
  • Open interest sits at $15.5 billion, funding rates are flat to slightly negative, and options skew has eased, signaling a more balanced market.
  • The Trump-backed WLFI token has surged nearly 19% in 24 hours ahead of a Mar-a-Lago crypto forum, while MORPHO extends its weekly rally.
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