Shares of cryptocurrency miner Phoenix Group (PHX) rose 35% to AED 2.03 ($0.55) on the Abu Dhabi Stock Exchange (ADX) on its first day of trading, Golden Finance reported. Previously, in November, the UAE-based company said its initial public offering (IPO) was oversubscribed by 33 times. Phoenix Group provides mining services through managed services and cloud-based services through which customers can rent computing power. The company also operates a cryptocurrency exchange called M2, powered by its ETH-based native token, MMX.

PANews reported on November 21 that Phoenix Group (PHX), a crypto mining company headquartered in the United Arab Emirates, ended its initial public offering on the Abu Dhabi Stock Exchange (ADX) and was oversubscribed by 33 times (including 180 times oversubscribed by retail investors and 22 times oversubscribed by professional investors). The stock is scheduled to begin trading on December 4. Phoenix Group provides mining services through managed services and cloud-based services where customers rent computing power. It also runs a cryptocurrency exchange called M2, powered by its Ethereum-based native token, MMX. It was previously reported that Phoenix Group's $370 million worth of shares will be IPO, making it the first crypto company to go public in the Middle East. Phoenix plans to sell nearly 18% of the company's stake with a target capital raising of $368 million.