Shares of cryptocurrency miner Phoenix Group (PHX) rose 35% to 2.03 dirhams ($0.55) on Tuesday, their first day of trading on the Abu Dhabi Securities Exchange (ADX).
The shares, which sold for 1.50 dirhams in the UAE-based company's 1.36 billion-dirham ($368 million) initial public offering (IPO) in November, rose as much as 50% to touch 2.25 dirhams during the day. The share sale was 33-time oversubscribed, it said at the time.
Phoenix Group offers mining through hosting services and a cloud-based service whereby clients rent hashrate. The company also runs a cryptocurrency exchange called M2, powered by its native Ethereum-based token, MMX.
International Holding Company, which is chaired by Tahnoon bin Zayed Al Nahyan, brother of UAE president and Abu Dhabi ruler Mohamed bin Zayed Al Nahyan, acquired a 10% stake in Phoenix Group in early October.
Read More: M2 Crypto Exchange Launches in the UAE
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.