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Phoenix Group, a Bitcoin mining company, postpones its share listing.

Phoenix Group, a Bitcoin mining company, postpones its share listing.

– Phoenix Group’s public trading launch on the Abu Dhabi Securities Exchange has been rescheduled to Dec. 5, 2023, due to the UAE’s National Day.

– The crypto mining firm saw significant oversubscription during its pre-market sale on Nov. 21.

– The UAE National Day, celebrated on Dec. 2, has resulted in public holidays being declared for the private sector on Dec. 2, 3, and 4.

– Phoenix Group closed its IPO with a 33 times oversubscription, with retail investors oversubscribing the offering 180 times and professional investors contributing to a 22-fold oversubscription.

– The UAE has become a crypto-friendly jurisdiction, launching initiatives to support crypto development, including economic free zones.

– M2, a crypto exchange, received regulatory approval and partnered with Abu Dhabi Commercial Bank to enable clients in the UAE to buy, sell, and store cryptocurrencies.

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