The United Arab Emirates’ (UAE) growing influence in the cryptocurrency sector, Phoenix Group, the first cryptocurrency company listed on the Abu Dhabi Securities Exchange (ADX), has announced plans to pursue a dual listing on the Nasdaq in 2025.
This ambitious step aligns with the company’s vision to expand its global footprint and position the UAE as a major player in the blockchain and cryptocurrency industries.
Founded in 2017 and headquartered in Abu Dhabi, Phoenix Group has achieved remarkable milestones, cementing itself as a trailblazer in the cryptocurrency space. The company made history in October 2023 by becoming the first private cryptocurrency and blockchain organization to be listed on a Middle Eastern stock exchange.
Phoenix Group has grown into a multibillion-dollar technological conglomerate, recognized as the largest cryptocurrency mining operator in the Middle East and North Africa (MENA) region. With a total of 765 MW of mining facilities spread across the United States, Canada, and the UAE, the company has established itself as a dominant force in cryptocurrency mining.
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At the core of Phoenix Group’s operations are Bitcoin mining devices—specialized hardware that validates transactions on the Bitcoin network by solving complex mathematical puzzles. Beyond mining operations, the company is the exclusive distributor of MicroBT’s Bitcoin mining devices in key markets such as the GCC (Gulf Cooperation Council), Egypt, Turkey, and Kenya.
This strategic focus has enabled Phoenix Group to capitalize on the growing demand for mining equipment in the region, further solidifying its position as a leader in the crypto-mining ecosystem.
The company’s leadership team plays a pivotal role in its continued success. Munaf Ali, the new CEO and co-founder, brings over 20 years of expertise in capital markets, which positions him well to steer Phoenix Group through its next phase of growth.
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Ali’s vision for the company reflects a broader trend in the industry: the convergence of traditional and digital assets. “The worlds of traditional and digital assets are merging, and Phoenix Group is preparing for future success,” Ali stated, emphasizing the company’s focus on leveraging global capital markets through the planned Nasdaq dual listing.
Meanwhile, former CEO Seyed Mohammad Alizadehfard will transition into an advisory role, ensuring continuity in the company’s strategic direction.
Reflecting on the leadership changes, Alizadehfard commented, “My experience in the cryptocurrency space and Munaf’s background in senior institutional roles will ensure that the company continues to be a leader in the industry.”
This move aligns with Phoenix Group’s broader ambitions of becoming a global powerhouse in cryptocurrency and blockchain technology. By tapping into global capital markets, the company aims to attract institutional investors and accelerate its international growth.