BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home BREAKING NEWS

Crypto Giant Phoenix Group’s IPO Hits Major Milestone with 33-Fold Oversubscription

BlockNews.com Team by BlockNews.com Team
November 21, 2023
in BREAKING NEWS, BUSINESS, CRYPTO
Reading Time: 3 mins read
#image_title

#image_title

1
SHARES
17
VIEWS
Share on XShare in TelegramShare on Reddit
  • Phoenix Group’s IPO was oversubscribed by 33 times, with retail investors oversubscribing by 180 times and institutional buyers oversubscribing by 22 times
  • Strong demand highlights confidence in crypto mining industry and Dubai’s leadership in crypto economy
  • Phoenix Group is a leading crypto mining firm operating 725MW of global mining facilities across several countries

The multinational crypto mining company Phoenix Group has achieved a major milestone with its initial public offering (IPO). The company saw huge demand for its initial share offering, with multiple groups of investors scrambling for allocations.

🚨 NEWS: Crypto miner Phoenix Group achieves 33x oversubscription in its IPO.

The oversubscription includes 180 times by retail investors and 22 times by institutional investors.

Money wants into crypto mining 👀 pic.twitter.com/vqeGy507KJ

— BlockNews.com (@blocknewsdotcom) November 21, 2023

Details of the Oversubscribed Offering

Phoenix Group’s 907,323,529 share offering received tremendous interest from both retail and institutional buyers. Specifically:

  • Retail investors oversubscribed the offering by 180 times
  • Professional and institutional buyers oversubscribed by 22 times

The share price was set at 150 dirhams each. In total, the crypto mining firm sought to raise 136 billion dirhams (around $368 million) through the IPO, which would equate to a 17.64% stake.

The shortened IPO window ran from November 16th to November 18th. This rapid timeline highlights the bullish momentum building behind both Phoenix Group and the wider crypto space.

Strong Interest in Dubai’s Crypto Economy

While crypto adoption has been slower in North America lately, the Middle East – especially Dubai – has fully embraced digital assets. The region provides clear crypto regulations and has attracted major players like Binance to set up local operations.

Phoenix Group’s co-founder and CEO Bijan Alizadehfard cited the high demand as proof of the strong confidence in both crypto mining and blockchain technology. Next, the company’s shares will list on the Abu Dhabi Securities Exchange (ADX) on December 4th, 2023.

About Phoenix Group

Founded in 2016, Phoenix Group operates 725MW of global crypto mining facilities across countries like Canada, North America, the UAE, and more. The company is a leading name in the crypto mining industry.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinBlockchainBusinesscryptoPhoenix group
TweetShareShare
BlockNews.com Team

BlockNews.com Team

The go-to news source for Cryptocurrency, Blockchain, Technology, & Finance

DON'T MISS THESE! HOT OFF THE PRESS

Market Summary: What Happened in Crypto Today?
CRYPTO

Market Summary: What Happened in Crypto Today?

September 3, 2025
Fat-Finger Error Dumps Pump Fun Streamer Coin 99%, Then Surges 10,000%? Here is What Happened
CRYPTO

Fat-Finger Error Dumps Pump Fun Streamer Coin 99%, Then Surges 10,000%? Here is What Happened

September 3, 2025
Solana Memecoin TROLL Acquires IP Rights to Trollface Meme: Here is Why This is Game Changing
CRYPTO

Solana Memecoin TROLL Acquires IP Rights to Trollface Meme: Here is Why This is Game Changing

September 3, 2025
Flipping Memecoins: Can It Really Be a Full-Time Job?
CRYPTO

Flipping Memecoins: Can It Really Be a Full-Time Job?

September 3, 2025
Fed Signals Multiple Rate Cuts Coming in 2025: Here is Why
BUSINESS

Fed Signals Multiple Rate Cuts Coming in 2025: Here is Why

September 3, 2025
Trump-backed ‘American Bitcoin’ Stock Trading Halted After Explosive Opening: Here is What Happened
BITCOIN

Trump-backed ‘American Bitcoin’ Stock Trading Halted After Explosive Opening: Here is What Happened

September 3, 2025
Load More

Related News

Market Summary: What Happened in Crypto Today?

Market Summary: What Happened in Crypto Today?

September 3, 2025
Fat-Finger Error Dumps Pump Fun Streamer Coin 99%, Then Surges 10,000%? Here is What Happened

Fat-Finger Error Dumps Pump Fun Streamer Coin 99%, Then Surges 10,000%? Here is What Happened

September 3, 2025
Solana Memecoin TROLL Acquires IP Rights to Trollface Meme: Here is Why This is Game Changing

Solana Memecoin TROLL Acquires IP Rights to Trollface Meme: Here is Why This is Game Changing

September 3, 2025
Flipping Memecoins: Can It Really Be a Full-Time Job?

Flipping Memecoins: Can It Really Be a Full-Time Job?

September 3, 2025
Fed Signals Multiple Rate Cuts Coming in 2025: Here is Why

Fed Signals Multiple Rate Cuts Coming in 2025: Here is Why

September 3, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews