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Phoenix Group, the first cryptocurrency company in the UAE to list on the Abu Dhabi Stock Exchange, is preparing to dual-list on Nasdaq in the coming year. The move is expected to help the company to expand its business footprint in the global market. Here is everything you should know about the development. Read on!
Phoenix Group’s Journey and Achievements
Originally established in Abu Dhabi in the year 2017, Phoenix Group is now the largest crypto mining operator in the Middle East and North Africa region. Notably, it, at present, manages more than 765 MW facilities in the United States, Canada and the United Arab Emirates.
Importantly, it was in October 2023 that this UAE-based company was listed on the ADX.
Dual Listing on Nasdaq by Phoenix Group: A Bold Move
Phoenix Group is expected to dual-list on the National Association of Security Dealers Automated Quotations in 2025.
Experts believe that the move would help the company expand its business footprint in the global market.
Munaf Ali, the CEO of Phoenix Group, highlighted the importance of merging traditional and digital assets, indirectly projecting the company’s commitment to financial technology innovations.
Phoenix Group’s Strategic Role in Crypto Mining
Phoenix Group is a prominent player in the sector of mining facility operation and distribution. Apart from handling 765 MV of mining facilities across the North American region and the UAE, it is also an exclusive distributor of BTC mining devices in the Gulf Cooperation Council region, Egypt, Kenya and Turkey.
UAE’s Position in the Global Crypto Landscape
The UAE is known for its welcoming attitude towards the digital economy. It has launched several government-backed digital economy programs, supporting innovation in the field of financial technology.
In conclusion, Phoenix Group’s dual listing on Nasdaq in 2025 will mark a significant step in expanding its global reach, solidifying the UAE’s position as a central hub for cryptocurrency innovation, and bridging traditional and digital finance.
