Middle East-based Bitcoin (BTC) miner Phoenix Group became the first crypto-related firm to go public on the Abu Dhabi Securities Exchange (ADX) today, Dec. 5, according to a post on social media platform X (formerly Twitter).

The miner was initially scheduled to go public on Dec. 4 but shifted its debut to today after the authorities marked the last three days as public holidays.

However, the delay appears not to have impacted its stock performance, as its price surged over 50% from the initial price of 1.50 AED (dirhams), equivalent to $0.41, to as high as 2.25 AED ($0.6) before mildly retracing to 2.03 AED as of press time, according to data on ADX website.

This strong debut performance could be linked to the high interest and attention Phoenix has generated since its initial public offering (IPO) raised $370 million in November. At the time, the firm explained that the IPO’s success surpassed initial expectations, raising 33 times more than the projected amount. The miner said its post-IPO valuation was estimated at approximately $2.47 billion.

Additionally, the Phoenix Group highlighted its strategic initiatives, notably a joint venture with the Abu Dhabi government, as a convergence of public policy and private sector innovation. The firm also emphasized its dedication to environmental sustainability by outlining plans to create Abu Dhabi’s largest hydropower mining farm.

Established in 2015, Phoenix Group has solidified its status as a major BTC miner in the Middle East, exemplified by an agreement to establish a $300 million crypto-mining farm in Oman. Notably, the firm has a 725MW global mining operation spanning hosting and mining services across the U.S., Canada, Europe, and the Middle East.

What is driving interest in PHX?

The success of PHX’s IPO underscores growing investor interest in Bitcoin. While institutional investors have traditionally steered clear of direct Bitcoin investments, they’ve indirectly embraced exposure by investing in Bitcoin mining companies’ stocks.

In October, International Tech Group, a subsidiary of the largest conglomerate in Abu Dhabi, International Holding Company, acquired a significant 10% stake in Phoenix, further accentuating its attractiveness in the market.

Beyond Bitcoin enthusiasm, factors such as soaring oil prices and governmental privatization initiatives have bolstered IPO activities within the region. Moreover, the UAE’s supportive regulatory landscape has encouraged more crypto firms to establish a presence there.