The first crypto company successfully debuted on the ADX.
However, this move occurs as other miners are shifting from crypto to AI.
Munaf Ali, Co-Founder & Group MD of Phoenix
The first
cryptocurrency company has just made its debut in Abu Dhabi's stock market with
considerable success. Phoenix's shares jumped 50% after an initial public
offering (IPO) worth $371 million. According to one of the company's Co-Founders,
this indicates a growing appetite for financial innovations in the Middle East.
Successful Phoenix Debut
on the Abu Dhabi Stock Exchange
Phoenix
Group PLC, a technology company specializing in mining digital assets
and blockchain technology, had its first listing today (Tuesday) on the Abu
Dhabi Securities Exchange (ADX). This marks the local market's first encounter
with a company operating directly in the cryptocurrency industry, and investor
response has shown a keen interest in exposure to this sector.
The company
chose ADX for its IPO because the exchange "offers a dynamic and rapidly
growing financial market that aligns with Phoenix’s vision." The first day
of trading exceeded the expectations of even the most optimistic analysts.
Shares
opened at 2.25 dirhams on Tuesday, increasing 50% from the IPO price of 1.50
dirhams. The offer was 33 times oversubscribed, translating into orders worth
$12 billion. For the retail portion of the offering, the oversubscription rate
was 180x.
Phoenix debut on ADX. Source: Tradingview.com
“This event
is not just about listing our shares; it's a powerful declaration of the Middle
East's rising prominence in the global tech and blockchain landscape,”
commented Munaf Ali, the Co-Founder & Group MD of Phoenix.
Publicly Listed Miners
Shifting Focus to AI
Phoenix
debuts as a miner on ADX at a time when other publicly listed companies in the
same sector are beginning to shift their machines from cryptocurrency mining to
supporting the computing power needs of the artificial intelligence (AI)
industry. In 2022, the sector generated revenues of $6 billion lower than in the
record-breaking year of 2021.
In its report, JPMorgan suggested that the high-performance computing (HPC) sector in AI could become much more profitable than Bitcoin mining. Well-known brands
in the Bitcoin mining industry, such as Riot Blockchain (RIOT) and Hive
Blockchain Technologies (HIVE), have even changed their names to emphasize the
diversification of their businesses. RIOT has become Riot Platform, and HIVE is
now Hive Digital Technologies.
Finance
Magnates inquired
if Phoenix fears that AI might become a more lucrative business in the near
future. The company representatives state that the primary focus remains on
crypto mining, but Phoenix is “actively monitoring the AI space.”
For the
company, this area “could complement existing operations and future
growth,” especially if JPMorgan's forecasts regarding HPC come true.
The first
cryptocurrency company has just made its debut in Abu Dhabi's stock market with
considerable success. Phoenix's shares jumped 50% after an initial public
offering (IPO) worth $371 million. According to one of the company's Co-Founders,
this indicates a growing appetite for financial innovations in the Middle East.
Successful Phoenix Debut
on the Abu Dhabi Stock Exchange
Phoenix
Group PLC, a technology company specializing in mining digital assets
and blockchain technology, had its first listing today (Tuesday) on the Abu
Dhabi Securities Exchange (ADX). This marks the local market's first encounter
with a company operating directly in the cryptocurrency industry, and investor
response has shown a keen interest in exposure to this sector.
The company
chose ADX for its IPO because the exchange "offers a dynamic and rapidly
growing financial market that aligns with Phoenix’s vision." The first day
of trading exceeded the expectations of even the most optimistic analysts.
Shares
opened at 2.25 dirhams on Tuesday, increasing 50% from the IPO price of 1.50
dirhams. The offer was 33 times oversubscribed, translating into orders worth
$12 billion. For the retail portion of the offering, the oversubscription rate
was 180x.
Phoenix debut on ADX. Source: Tradingview.com
“This event
is not just about listing our shares; it's a powerful declaration of the Middle
East's rising prominence in the global tech and blockchain landscape,”
commented Munaf Ali, the Co-Founder & Group MD of Phoenix.
Publicly Listed Miners
Shifting Focus to AI
Phoenix
debuts as a miner on ADX at a time when other publicly listed companies in the
same sector are beginning to shift their machines from cryptocurrency mining to
supporting the computing power needs of the artificial intelligence (AI)
industry. In 2022, the sector generated revenues of $6 billion lower than in the
record-breaking year of 2021.
In its report, JPMorgan suggested that the high-performance computing (HPC) sector in AI could become much more profitable than Bitcoin mining. Well-known brands
in the Bitcoin mining industry, such as Riot Blockchain (RIOT) and Hive
Blockchain Technologies (HIVE), have even changed their names to emphasize the
diversification of their businesses. RIOT has become Riot Platform, and HIVE is
now Hive Digital Technologies.
Finance
Magnates inquired
if Phoenix fears that AI might become a more lucrative business in the near
future. The company representatives state that the primary focus remains on
crypto mining, but Phoenix is “actively monitoring the AI space.”
For the
company, this area “could complement existing operations and future
growth,” especially if JPMorgan's forecasts regarding HPC come true.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
From Chat to Stock: xStocks Puts Tokenized U.S. Equities Inside TON Wallet on Telegram
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
