Phoenix Group Plans Nasdaq Dual Listing in 2025 to Expand Global Reach

Phoenix Group, a trailblazer in the UAE cryptocurrency sector, is gearing up for a dual listing on the Nasdaq in 2025. The move aims to bolster the company’s international presence and strengthen its position as a global player in the blockchain and cryptocurrency industries.

Founded in 2017 and based in Abu Dhabi, Phoenix Group became the first private cryptocurrency and blockchain company listed on the Abu Dhabi Stock Exchange (ADX) in October 2023. The UAE’s government-supported initiatives have fostered a thriving digital economy, positioning the country as an attractive hub for cryptocurrency innovation and international business expansion.

Phoenix Group has grown into a multibillion-dollar technological conglomerate and is currently the largest cryptocurrency mining operator in the Middle East and North Africa (MENA) region. The company manages 765 MW of mining facilities spread across the United States, Canada, and the UAE.

Central to its operations is Bitcoin mining, which involves using specialized hardware to solve complex mathematical problems and validate transactions on the Bitcoin network. Phoenix Group also capitalizes on the rising demand for mining equipment, serving as the exclusive distributor of MicroBT’s Bitcoin mining devices in regions such as the GCC, Egypt, Turkey, and Kenya.

Leadership and Strategic Vision
Munaf Ali, the company’s new CEO and co-founder, brings over two decades of experience in capital markets. Under his leadership, Phoenix Group is preparing for what he describes as the convergence of traditional and digital assets. Ali emphasized that the dual listing on Nasdaq will help the company access global capital markets and broaden its international footprint.

Former CEO Seyed Mohammad Alizadehfard will continue to serve as an advisor to the company. He expressed confidence in the leadership transition, highlighting the complementary expertise of the new management team.

Significance of Nasdaq Listing for Phoenix Group and the UAE
The planned Nasdaq listing is expected to solidify Phoenix Group’s reputation as a leader in the cryptocurrency space and further establish the UAE as a global blockchain and cryptocurrency hub. As the UAE’s crypto industry gains momentum, Phoenix Group’s international expansion could enhance the country’s standing in the global market.

Phoenix Group’s ambition to list on Nasdaq underscores its commitment to innovation and global growth. By leveraging its technological prowess and strategic leadership, the company aims to shape the future of blockchain and cryptocurrency industries, both in the UAE and worldwide.