Munaf Ali, the CEO of the UAE-based cryptocurrency firm Phoenix, has purchased over 20 million shares from the open market. This significant investment is aimed at reaffirming his strong belief in the company’s future prospects and long-term growth trajectory.

Currently, Phoenix’s stock is trading at Dh0.99 on the Abu Dhabi Securities Exchange (ADX), which is below its initial public offering (IPO) price of Dh1.5 per share. Ali had publicly announced his plans to acquire these shares on November 18, following the company’s IPO in December 2023, during which it sold a 15% stake.

A statement from the company indicated that this substantial investment reflects Ali’s deep confidence in Phoenix’s growth potential and his commitment to aligning executive interests with those of shareholders. Ali expressed his belief in Phoenix Group’s long-term potential, stating, “As we enter a year of high-impact expansion, I firmly believe in Phoenix Group’s long-term potential, as these purchases show.” He emphasized that increasing his holding in the company demonstrates his faith in their differentiated strategy and high-quality operations.

Additionally, the Phoenix Group is considering the potential benefits of a future listing in the US market, particularly as it expands into the North American Bitcoin mining sector. The company’s strategy includes scaling its high-margin self-mining operations and diversifying its geographic footprint in 2025 and beyond. Phoenix will be participating in the upcoming Cantor Global Technology Conference in New York, which offers an opportunity to engage with leading US institutional investors and strategic partners.

In recent developments, other ADX-listed companies, such as Burjeel Holdings, have also announced share buyback programs, indicating a trend among firms to enhance shareholder value.