The first crypto company successfully debuted on the ADX.
However, this move occurs as other miners are shifting from crypto to AI.
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 Phoenixβs 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.
βThis 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,β
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 βactively monitoring the AI space.β
For the
company, this area βcould complement existing operations and future
growth,β 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 Phoenixβs 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.
βThis 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,β
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 βactively monitoring the AI space.β
For the
company, this area βcould complement existing operations and future
growth,β 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.
Tradu Introduces New Crypto Exchange with Competitive Fees
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
π Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
π Facebook: https://www.facebook.com/FinanceMagnatesEvents
πΈ Instagram: https://www.instagram.com/fmevents_official
π¦ Twitter: https://twitter.com/F_M_events
π₯ TikTok: https://www.tiktok.com/@fmevents_official
βΆοΈ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
π Facebook: https://www.facebook.com/FinanceMagnatesEvents
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π¦ Twitter: https://twitter.com/F_M_events
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βΆοΈ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage.
π Subscribe to our YouTube channel for more!π
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage.
π Subscribe to our YouTube channel for more!π
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
π£ Stay updated with the latest in finance and trading!
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