Dubai: Munaf Ali, the CEO and co-founder of AEDX-listed cryptocurrency firm Phoenix, has made a significant statement of confidence in the company’s future by acquiring more than 20 million shares from the open market. The purchase underscores Ali’s belief in Phoenix’s long-term growth trajectory and strategic direction.
Phoenix’s stock is currently trading at Dh0.99, below its initial public offering (IPO) price of Dh1.5 per share. Ali had announced his intention to buy shares on November 18, signaling his commitment to strengthening his stake in the company.
Aligning Interests with Shareholders
“This substantial investment highlights Munaf Ali’s deep confidence in the company’s growth potential and his commitment to aligning executive interests with those of shareholders,” the company said in a statement.
Ali emphasized that the decision reflects his faith in Phoenix’s strategic positioning and operational strength. “As we enter a year of high-impact expansion, I firmly believe in Phoenix Group’s long-term potential, as these purchases demonstrate,” Ali said.
“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,” he added.
Potential US Listing on the Horizon
Phoenix is also considering a potential listing in the United States as part of its broader expansion strategy. The company is currently growing its presence in the North American Bitcoin mining sector, aiming to scale its high-margin self-mining operations and diversify its geographic footprint in 2025 and beyond.
“The company’s investments in the US reflect a broader strategy to scale its high-margin self-mining operations and diversify its geographic footprint,” the statement added.
Phoenix’s expansion into the US market signals a strategic shift aimed at capturing growth opportunities in one of the world’s largest digital asset markets. A US listing could enhance Phoenix’s visibility among global investors and provide additional capital to support its long-term ambitions.
Ali’s bold investment move reflects not only his confidence in Phoenix’s future but also the company’s commitment to strengthening its market position and delivering sustainable value to shareholders.
