UAE-based Phoenix Group is exploring strategic dual listing options with top investment banks, such as the NASDAQ, in 2025. The biggest crypto firm in the UAE is planning to expand in global markets in the coming year after experiencing a huge surge of crypto adoption in the UAE.
The plans are accompanied by the Phoenix group undergoing a management change and the rise in crypto adoption in the Middle East.
Phoenix Group Plans On Dual Listing
Phoenix Group, the first local cryptocurrency firm in the United Arab Emirates to be listed on the Abu Dhabi Stock Exchange (ADX), has announced that the firm wants to become dual-listed on the Nasdaq in 2025 in order to increase its global influence and grow its international market.
Phoenix Group is the biggest Bitcoin mining company in the Middle East and North Africa. With 765 megawatts of mining facilities running worldwide, the company is active in the mining, hosting, trading, and investment sectors.
The expansion plans also saw the firm unveiling a new crypto-mining project in Canada. The 20-megawatt mining plant in St. Leon, Canada, is expected to enhance the firm’s operations. With more than 97% uptime, the new location will add 700PH and offer the Phoenix Group fleet’s lowest electricity price (0.039 USD).
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Phoenix Group Witnesses Management Change
Phoenix Group, the first domestic cryptocurrency company listed on the Abu Dhabi Securities Exchange had named Munaf Ali as its incoming CEO.
In his current role as Group Managing Director and co-founder, Munaf’s extensive corporate institutional expertise puts him in a unique position to take advantage of new opportunities in the quickly changing cryptocurrency market.
Current CEO and co-founder Seyed Mohammad Alizadehfard (Bijan) will leave to concentrate on growing and running his investment vehicle, Cypher Capital, although he will remain active in the Phoenix Group as a significant stakeholder and a vital advisor.
Phoenix’s Global Expansion Plans Come On the Back Of UAE’s Crypto Growth
Phoenix Group has seen a rise in operations and capital inflow in the UAE. It is anticipated that the United Arab Emirates cryptocurrency sector will generate US$263.1 million by 2024. By the end of 2024, the crypto market is expected to generate an average revenue per user of $70.0.
By 2025, it is anticipated that there will be 3.78 million users in the United Arab Emirates’ cryptocurrency sector. Also, the user penetration rate in the UAE will rise from 39.20% in 2024 to 39.13% in 2025.
As more companies and individuals use digital currencies for transactions and investments, the United Arab Emirates is witnessing a boom in the use of cryptocurrencies.