Phoenix Group Rises 50% After $371M Abu Dhabi IPO

On December 5, Abu Dhabi’s financial market witnessed a momentous occasion as Phoenix Group, a cryptocurrency mining company, began trading on the Abu Dhabi Securities Exchange (ADX). This marks one of the first instances of a company from this sector going public in the Middle East, and Phoenix Group’s entry into the stock market has been nothing short of remarkable.

As a leading name in cryptocurrency mining, Phoenix Group’s debut on the ADX has garnered attention and excitement from investors and industry experts alike. The company’s successful IPO raised $371 million, and its shares shot up as much as 50% in debut trading on the exchange.

From IPO to Glory

Phoenix Group’s initial public offering (IPO) was priced at 1.50 dirhams ($0.41) as per the IPO prospectus. However, the market responded overwhelmingly, with the stock opening at 2.25 dirhams ($0.6), a 50% increase from its IPO value. This surge is a testament to the high investor confidence in Phoenix Group. The IPO’s oversubscription rates were impressive, with retail investors subscribing 180 times and professional investors subscribing 22 times, culminating in the sale of 907,323,529 shares for approximately 1.3 billion dirhams ($371 million).

Phoenix Group’s Growth and Sustainability Focus

Four Foundational Pillars

Phoenix Group’s co-founder and CEO, Bijan Alizadeh, has established a clear vision for the company’s growth and sustainability. The vision rests on four foundational pillars: innovation in Bitcoin mining, investment in renewable energy ventures, advanced manufacturing capabilities, and strategic acquisitions. The company’s focus on these pillars has helped it gain a strong footing in the crypto market and beyond.

Sustainability Commitment

Phoenix Group is committed to sustainability, with around 95% of its energy derived from renewable sources, mainly hydropower. The company’s commitment to sustainability was reinforced by a significant agreement in August 2023 to establish a $300 million crypto-mining farm in Oman.


Phoenix Group’s maneuvers include strategic partnerships, such as the one with the International Holding Company, which acquired a 10% stake in Phoenix Group. This collaboration highlights Phoenix’s growing influence in the region and beyond.

IPO Success

Phoenix Group’s IPO success coincides with a broader surge in the crypto market. The company’s innovative approach to Bitcoin mining and renewable energy ventures has positioned it as a key player in the industry.