UAE’s first crypto-listed company, Phoenix Group, plans NASDAQ dual-listing.
Phoenix Group, the first cryptocurrency company in the UAE to be listed on the Abu Dhabi Stock Exchange (ADX), is planning to dual-list on the Nasdaq in 2025 to expand its worldwide footprint.
Founded in 2017 and based in Abu Dhabi, the company made history in October 2023 when it was registered on the Middle Eastern stock exchange as the first private cryptocurrency and blockchain organization.
With government-supported programs creating a flourishing digital economy, the UAE is quickly becoming a center for cryptocurrency innovation and a desirable destination for crypto businesses looking to go worldwide.
Phoenix Group has developed into a multibillion-dollar technological conglomerate and is currently the biggest cryptocurrency mining operator in the MENA area.
Currently, the firm operates 765 MW of mining facilities in the United States, Canada, and the United Arab Emirates. A vital component of Phoenix Group’s investing ventures is Bitcoin mining devices, which are pieces of hardware that solve challenging mathematical puzzles to validate transactions on the Bitcoin (BTC) network.
Taking advantage of the growing market for mining equipment, the firm is also the only distributor of MicroBT’s BTC mining devices in countries including the GCC, Egypt, Turkey, and Kenya.
The company’s new CEO and co-founder, Munaf Ali, has more than 20 years of capital markets expertise. “The worlds of traditional and digital assets are merging, and Phoenix Group is preparing for future success” he stated. To further broaden its worldwide reach, he also said that, the company is aggressively pursuing dual listing on the Nasdaq to tap into the global capital markets and increase its international presence.
Seyed Mohammad Alizadehfard, the former CEO, will remain an advisor to the business. “My experience in the cryptocurrency space and Munaf’s background in a senior institution will ensure that the company continues to be a leader in the industry,” he stated.
The company’s dual listing on Nasdaq may be crucial in establishing the UAE as a major participant in the blockchain and cryptocurrency sectors globally, especially if the UAE’s crypto scene picks up steam and Phoenix Group grows its presence abroad.
