Abu Dhabi’s Phoenix Group, a Bitcoin (BTC) mining service provider, has completed an initial public offering (IPO) that sold 907 million shares, raising approximately 1.3 billion UAE Dirhams, or $370 million, according to a Nov. 21 statement.

The firm said the IPO surpassed its initial expectations, raising 33 times the projected amount. Demand from retail investors led to the IPO being oversubscribed by 180 times, with professional investors subscribing 22 times the offering.

According to the firm, its IPO success reflected its solid standing in the burgeoning Middle Eastern crypto economy.

Phoenix Group’s operations span hosting and mining services across the U.S., Canada, Europe, and the Middle East. According to its website, the firm has a 725MW global mining operation that cements its position as a leader in the space. Additionally, it manages an Abu Dhabi-regulated crypto investment platform, M2.

Bijan Alizadehfard, Co-Founder and Group CEO of Phoenix Group PLC, said:

“The overwhelming interest during the offer period is a powerful endorsement of our pioneering role in Cryptocurrency Mining and Blockchain.” He emphasized that this fervor signifies investor confidence in the company’s vision and potential.

Phoenix said it would begin trading under the ticker PHX on the Abu Dhabi Securities Exchange (ADX) by Dec. 4.

TheMinerMag first reported the news.

Meanwhile, Phoenix Group’s IPO coincides with a rise in Bitcoin mining activities in anticipation of the next halving. CryptoSlate reported that miners of the top cryptocurrency have been demonstrating exceptional activity and achieving a record-breaking hash rate.

Similarly, it also follows the recent increase in Bitcoin miners’ revenue amidst a surge in transaction fees on the network.