UAE – Mubasher: Abu Dhabi-based blockchain and crypto solutions company Phoenix Group plans to float its shares on the Abu Dhabi Securities Exchange (ADX), according to a press release.

Through its initial public offering (IPO), Phoenix Group became the first privately owned crypto and blockchain entity to be listed on a Middle East stock market.

The group is co-founded by Bijan Alizadehfard, the company's CEO, and Munaf Ali, the Managing Director.

Alizadeh and Ali commented: “The impending IPO will not only be a testament to our past achievements but a clear signal of our ambitions. We envision a world where our digital solutions, rooted in Abu Dhabi's innovative spirit, touch every life, every business, and every community across the globe.”

“Our aim is to be able to help create a more resilient, inclusive, and diversified global blockchain economy, and this IPO is just the first step towards achieving that goal,” the co-founders added.

They indicated: “Announcing our planned IPO is a pivotal moment for Phoenix Group; a significant stride aligned with Abu Dhabi's Economic Vision 2030. This landmark announcement offers local, regional, and global investors the opportunity to participate in making this iconic vision, a reality.”

The group has a total installed capacity of 725 megawatts (MW) across the UAE, Oman, the US, Canada, and the Commonwealth of Independent States (CIS) countries.

It specialises in a range of services, including cloud mining, data centre hosting, crypto trading, as well as crypto mining products and equipment.