Phoenix Group, the first listed cryptocurrency company in the UAE, is planning a dual listing on the Nasdaq.

Phoenix groupthe first cryptocurrency company in United Arab Emirates To be included on Abu Dhabi The exchange (ADX) plans to dual-list on the Nasdaq in 2025 to expand its global presence.

Founded in 2017 and headquartered in Abu Dhabi, the company made history in October 2023 when it was registered on the Middle East Stock Exchange as the first private cryptocurrency and blockchain organized.

Thanks to government-backed programs creating a thriving digital economy, the UAE is quickly becoming a hub for cryptocurrency innovation and a sought-after destination for cryptocurrency companies looking to expand across the globe.

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

The company currently operates 765 megawatts of mining facilities in the United States, Canada and the United Arab Emirates. One of the vital elements in Phoenix Group's investment projects is Bitcoin mining Hardware, which are pieces of hardware that solve difficult mathematical puzzles to validate transactions on Bitcoin (Bitcoin) network.

Capitalizing on the growing market for mining equipment, the company is also the sole distributor of MicroBT's BTC mining hardware in countries including the GCC, Egypt, Turkey and Kenya.

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

Seyed Mohammad Alizadehfard, former CEO, will remain an advisor to the company. “My experience in Cryptocurrency The space and Manaf's background in a top organization will ensure the company continues to be a leader in the industry.

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