Crypto Miner Phoenix Group’s Shares Surge 35% in Abu Dhabi Stock Market Debut

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.