The international blockchain and cryptocurrency mining behemoth Phoenix Group has raised a substantial amount of money for its initial public offering (IPO).

A news release stated that the mining business was able to conclude its initial public offering (IPO) raising, with investors overcommitting by 33 times, indicating a high level of interest in its international mining operations.

Phoenix Group PLC provided more information, stating that retail investors had further oversubscribed its offering of 907,323,529 shares by 180 times.

Following closely behind, professional and institutional investors oversubscribed 22 times over, highlighting the blockchain company’s strong brand presence in the nascent Web3 ecosystem.

With a goal of raising 1.36 billion dirhams, or roughly $368 million, Phoenix Group offered its shares for 1.50 dirhams each. A 17.64% share capital of the company is being granted to willing investors who took part in the IPO fundraising round through this share offering.

Phoenix Group’s IPO raising, which began on November 16 and ended on November 18, is among the shortest in the cryptocurrency field and highlights the increasing attraction that blockchain-backed companies are enjoying as a result of the market’s revival.

Leading cryptocurrencies like Ethereum and Bitcoin are presently experiencing significant bullish momentum since traditional financial institutions are showing a lot of interest in them.

To introduce mainstream investors to the world of cryptocurrencies, these major crypto assets are being investigated as potential ETF vehicles.

The US Securities and Exchange Commission (SEC) has received proposals for spot Bitcoin and Ethereum exchange-traded funds (ETFs) from asset management companies including BlackRock, Valkyrie, Grayscale, and Ark Invest, among others, in recent months.

Since then, Bitcoin has surged past $35,000 in price due to the traditional financial landscape’s growing interest in the cryptocurrency industry. The cryptocurrency market is now only a few weeks away from hitting 50% of its 2021 top thanks to this rally.

PHX Set for ADX Listing in December

The Middle East has embraced the decentralized economy made possible by cryptocurrency assets, whereas the expansion of cryptocurrencies has somewhat stagnated in North America.

For example, the Virtual Asset Regulatory Authority (VARA) in Dubai has established transparent regulatory frameworks that allow companies that deal with cryptocurrencies to run in accordance with the specified financial regulations in the area.

This has caused a number of US-based cryptocurrency businesses, including as Binance, to jump ship and focus their operations on the Middle Eastern market.

Co-founder and Group CEO of Phoenix Group Bijan Alizadehfard made a case for the high demand for its services in the area, pointing out that the IPO window closed quickly, demonstrating the strong support they have in blockchain technology and cryptocurrency mining.

December 4, 2023, is when the PHX is scheduled to list on the Abu Dhabi Securities Exchange (ADX).

Co-founder and Group CEO of Phoenix Group Bijan Alizadehfard made a case for the high demand for its services in the area, pointing out that the IPO window closed quickly, demonstrating the strong support they have in blockchain technology and cryptocurrency mining.

December 4, 2023, is when the PHX is scheduled to list on the Abu Dhabi Securities Exchange (ADX).

Phoenix Group PLC is a well-known cryptocurrency mining company that was founded in 2016. It oversees 725 MW of worldwide mining facilities and is present in multiple nations, including the UAE, Canada, and North America.