Crypto Mining Firm Phoenix Soars 50% On Abu Dhabi Debut After Raising $371 Million

Updated: 05 December 2023

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Phoenix Group Plc, a crypto mining hardware retailer, surged as much as 50% in first-day trading on the Abu Dhabi stock exchange after raising $371 million via its IPO.

Phoenix share prices jumped from 1.50 dirhams ($0.41) to a high of 2.25 dirhams on December 5.

The offering, the first crypto listing in the Middle East, was oversubscribed 33 times, bringing in orders totaling $12 billion. The retail portion was oversubscribed by 180 times.

This success aligns with a broader trend of robust IPOs in the Persian Gulf, fueled by factors like high oil prices, government initiatives, and increased investor demand.

🎉 We are LIVE on the ADX! 🚀

A new era begins as Phoenix Group officially marks its landmark listing. Thank you for being part of this incredible journey.

Together, we step into a future of groundbreaking innovation and growth.

#PhoenixLive #ADXListing #InnovationJourney pic.twitter.com/VwqSZqZinl

— Phoenix Group (@phoenixgroupuae) December 5, 2023

Crypto Mining Presale Also Rakes In Cash

Investors are also flocking to another crypto mining firm that’s currently in presale. Bitcoin Minetrix is a decentralized cloud mining project that enables individuals to mine BTC.

Investors are pouring funds into Bitcoin Minetrix (BTCMTX), an innovative project that some analysts say may be poised to revolutionize cryptocurrency mining for the individuals through decentralized cloud mining.

This pioneering initiative has already garnered substantial support, with investors buying $4.8 million of the BTCMTX token, which is rapidly approaching the project’s $5.4 million softcap.

Tokens are currently priced at a discounted rate of $0.012 per BTCMTX token, but will increase in less than two days.

#BitcoinMinetrix reaches another significant achievement! 🚀

Raising over $4,800,000. pic.twitter.com/b0UC32XoL8

— Bitcoinminetrix (@bitcoinminetrix) December 5, 2023

Industry experts are optimistic about it, forecasting a significant surge in token value and predicting it might explode once the token is officially listed on major exchanges.