Crypto mining company Phoenix Group completed a US$371 million IPO on the Abu Dhabi Stock Exchange, and its stock price rose 50% that day

On December 5th, Phoenix Group, a cryptocurrency mining company, completed a $371 million IPO on the Abu Dhabi Securities Exchange (ADX) and rose 50% on the same day. The IPO attracted $12 billion in funding, oversubscribed by 33 times. In addition, it was reported that International Holding Co., the largest enterprise group in Abu Dhabi controlled by important members of the UAE royal family, purchased 10% of Phoenix's shares in early October.