ADX welcomes listing of crypto leader Phoenix Group

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UAE - Abu Dhabi Securities Exchange (ADX) has welcomed the listing of Phoenix Group, a leader in cryptocurrency mining and blockchain technology worldwide.

Phoenix Group’s initial public offering (IPO), which concluded on November 18, 2023, demonstrated strong market confidence with a remarkable 33 times oversubscription, amassing $370 million. The offering attracted significant attention from retail investors, who oversubscribed by 180 times, and professional investors, who contributed to a 22-fold oversubscription.

Abdulla Salem Alnuaimi, Chief Executive Officer of ADX, said: “The listing of Phoenix Group on our exchange not only adds to the diversity of products on our market but also signals the growing interest in the digital economy and financial technology investments in Abu Dhabi and the UAE”.

“We are proud to continue to be the exchange market of choice for tech-driven issuers and investors, as we remain committed to our mission of connecting opportunity and providing a world-class exchange market experience for all our stakeholders,” he added.

Key development

This listing represents an important development for ADX, with Phoenix Group being the first privately owned crypto and blockchain entity to be listed on a Middle East stock market.

Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group PLC, stated: "Phoenix Group's ADX listing is a milestone for diversified technology and innovation. Our IPO symbolises a leap forward for Abu Dhabi as a nexus of digital transformation across various sectors. By blending advanced blockchain applications, strategic tech partnerships, and market-leading digital asset services, we're proud to be part of Abu Dhabi's Economic Vision 2030."

Munaf Ali, Co-Founder & Group MD of Phoenix Group PLC stated: "The ADX listing of Phoenix Group is a testament to our multifaceted technological prowess. From spearheading blockchain advancements to shaping the landscape of digital finance, our presence on the exchange is a narrative of cross-industry tech innovation. As a preferred partner for government-led tech initiatives, we're championing a future where the Abu Dhabi stands as a global beacon for sustainable and comprehensive digital economy growth."