Munaf Ali of Phoenix Group has bought more than 20 million shares in the company in recent weeks.Supplied
Dubai: Munaf Ali, the CEO of ADX-listed cryptocurrency firm Phoenix has put in funds to acquire more than 20 million shares in the company. The move is about ‘reaffirming his strong belief in its prospects and long-term growth trajectory’.
At Dh0.99, Phoenix’s stock is trading below its IPO price of Dh1.5 a share.
It was on November 18 last that Ali made public plans to buy Phoenix shares from the open market. In December 2023, the company went for the IPO, selling a 15% stake.
“This substantial investment highlights his deep confidence in the company’s growth potential and his commitment to aligning executive interests with those of shareholders,” said a statement.
“As we enter a year of high-impact expansion, I firmly believe in Phoenix Group’s long-term potential, as these purchases show,” said Ali, who is also the co-founder of the company.
“Increasing my holding in the company reflects my belief in our differentiated strategy, high quality operations, and future growth. Phoenix Group is at the forefront of digital asset mining, and as a Board we remain fully focused on delivering growth and sustainable value creation for our shareholders.”
US listing?
The Phoenix Group will continue to ‘evaluate’ any potential benefits from a future listing in the US market – and ‘aligning with its ongoing expansion into the North American Bitcoin mining sector’.
“The company’s investments in the US reflect a broader strategy to scale its high-margin self-mining operations and diversify its geographic footprint in 2025 and beyond,” said the statement.
Phoenix is participating at the Cantor Global Technology Conference in New York, starting tomorrow (March 11).
“This high-profile engagement will provide the company with an opportunity to interact with leading US institutional investors and strategic partners,” the statement added.
In recent weeks, another ADX-listed company, Burjeel Holdings, had announced it would be buying back 10% of the company’s shares. The Abu Dhabi investment giant IHC too has run share buybacks programs.
