U.Today - Phoenix Group, an emerging leader in the cryptocurrency mining sector, its initial public offering (IPO) in the UAE, achieving a significant milestone in the region's financial landscape.
The offering, which concluded on Nov. 18, witnessed a 33-fold oversubscription with a particularly robust response from retail investors who oversubscribed by a whopping 180 times.
Bloomberg about Phoenix's IPO talks back in July.
Major crypto hub
The nation has been proactively fostering a technology-forward environment, with a keen focus on blockchain and digital currencies. This event is indicative of the increasing embrace of cryptocurrency technologies in the region.
Phoenix's recent deals
The $300 million project aims to be a sustainable and significant crypto-mining data center in the region, incorporating solar shades and employing local technicians.
In November, crypto exchange M2 and Phoenix Group have partnered to provide Bitcoin and Ethereum investment yields backed by a 725MW Bitcoin mining operation.