Phoenix Group targets Nasdaq for dual listing in 2025

Phoenix Group, the UAE’s first company to be listed on a crypto exchange, is planning a dual listing on NASDAQ.

Phoenix Group, the first cryptocurrency company in the UAE to be listed on the Abu Dhabi Securities Exchange (ADX), plans to dual-list on Nasdaq in 2025 to expand its global footprint.

Founded in 2017 and headquartered in Abu Dhabi, the company made history in October 2023 by registering on the Middle East stock exchange as the first private cryptocurrency and blockchain organization.

With government-backed programs creating a thriving digital economy, the UAE is fast becoming the hub of cryptocurrency innovation and a desirable destination for crypto businesses looking to advance globally.

Phoenix Group has grown into a multi-billion dollar technological conglomerate and is now the largest cryptocurrency mining operator in the MENA region.

The firm currently operates 765 MW of mining facilities in the United States, Canada and the United Arab Emirates. A vital component of Phoenix Group’s investment initiatives are Bitcoin mining devices, which are pieces of hardware that solve challenging mathematical puzzles to verify transactions on the Bitcoin (BTC) network.

Capitalizing on the growing market for mining equipment, the firm is also the exclusive distributor of MicroBT’s BTC mining devices in countries such as the Gulf Cooperation Council, Egypt, Türkiye and Kenya.

The company’s new CEO and co-founder, Munaf Ali, has more than 20 years of expertise in capital markets. “The worlds of traditional and digital assets are merging and Phoenix Group is poised for future success,” he said. In a bid to further expand its reach worldwide, the company is also aggressively pursuing a dual listing on Nasdaq to enter global capital markets and increase its international presence, he said.

Former CEO Seyed Mohammad Alizadehfard will remain as an advisor to the business. “My experience in the cryptocurrency space and Munaf’s background at a top-tier institution will ensure the company continues to be a leader in the industry,” he said.

The company’s dual listing on Nasdaq could be pivotal in establishing the UAE as a major participant in the blockchain and cryptocurrency sectors globally, especially if the UAE’s crypto scene gains momentum and Phoenix Group grows its presence abroad.