- Phoenix Group plans a Nasdaq dual listing in 2025 to expand its global market reach.
- The company operates 765 MW cryptocurrency mining facilities in the UAE, U.S., and Canada.
Phoenix Group, the UAE’s first cryptocurrency company on the Abu Dhabi Securities Exchange (ADX), has announced plans for a dual listing on Nasdaq in 2025. This strategic move aims to enhance the company’s international market presence and strengthen its position as a global leader in blockchain and cryptocurrency.
Founded in 2017 and based in Abu Dhabi, Phoenix Group achieved a major milestone in October 2023. It became the first private cryptocurrency and blockchain entity to list on the ADX. This milestone underscores the UAE’s growing prominence as a hub for digital economy innovation and cryptocurrency businesses.
Phoenix Group is the largest cryptocurrency mining operator in the Middle East and North Africa region. It has evolved into a multibillion-dollar technological conglomerate. The company operates 765 megawatts of mining facilities across the United States, Canada, and the UAE. This significant capacity positions it as a key player in the global cryptocurrency mining landscape.
Phoenix Group Evolves
In addition to mining, Phoenix Group is the exclusive distributor of MicroBT’s Bitcoin mining devices in key markets, including the GCC, Egypt, Turkey, and Kenya. The company also invests heavily in Bitcoin mining equipment, supporting its operations and benefiting from the growing demand for mining devices worldwide.
Munaf Ali, the company’s co-founder, recently assumed the role of CEO. With over 20 years of expertise in capital markets, Ali emphasized the convergence of traditional and digital assets.
He noted that the dual listing on Nasdaq would tap into global capital markets and bolster Phoenix Group’s international presence. Former CEO Seyed Mohammad Alizadehfard will stay on as an advisor, contributing his cryptocurrency experience to the company’s leadership.
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