Crypto mining firm Phoenix Group delays share listing date

Cryptocurrency miner Phoenix Group has delayed its listing on the Abu Dhabi Securities Exchange.

Bitcoin (BTC) mining firm Phoenix Group has moved the date for going public on the Abu Dhabi Securities Exchange (ADX).

According to a press release published on Nov. 28, 2023, the firm has rescheduled the listing date to Dec. 5, 2023, the UAE’s National Day. The UAE-headquartered firm noted that despite the delay, it anticipates “a warm reception from investors.”

“This alignment with our national festivities affirms our deep respect for the UAE’s heritage and commitment to its future.”

Phoenix Group Co-Founder Bijan Alizadeh

Initially, Phoenix Group was planning to go public on Dec. 4, 2023 after the firm said its IPO was oversubscribed over 30 times. However, the Ministry of Human Resources and Emiratisation marked Dec. 2-4 as public holidays for the private sector.

In mid-November 2023, Phoenix Group offered 907,323,529 shares at 1.50 dirhams ($0.51) a share, representing a 17.64% stake of the company. The firm will be available on ADX under the trading symbol PHX.

Founded in 2017, Phoenix Group not only offers cloud-mining services, but also runs M2, a cryptocurrency exchange endorsed by Kevin O’Leary. The company has established itself in various global markets, including the U.S., Canada, Europe and the Middle East.