The UAE’s Phoenix Group, the first crypto-listed firm on the Abu Dhabi Stock Exchange (ADX), is planning a dual listing on Nasdaq in 2025. Founded in 2017 and based in Abu Dhabi, it became the first private cryptocurrency and blockchain organization to list on the Middle Eastern bourse in October 2023.
With a government-backed digital economy, the UAE is a growing hub for crypto innovation. Phoenix Group, now a multibillion-dollar tech conglomerate and the largest cryptocurrency mining operator in the MENA region, operates 765 MW of mining facilities in the US, Canada, and the UAE. It’s also the sole distributor of MicroBT’s BTC mining devices in several countries.
The new CEO Munaf Ali, with over 20 years of capital markets experience, said the firm is eyeing Nasdaq dual listing to access global capital markets and boost its international standing. The former CEO Seyed Mohammad Alizadehfard will stay as an advisor. The dual listing could enhance the UAE’s role in the global blockchain and crypto sectors if the local crypto scene thrives and Phoenix Group expands overseas.
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