Crypto Firm Phoenix Hits $3.3 Billion Value in Abu Dhabi Debut

Cryptocurrency mining hardware retailer Phoenix Group Plc jumped 35% on its Abu Dhabi debut, as the first crypto-related listing in the Middle East surged amid a rally in Bitcoin.

That gave the six-year-old company a market capitalization of 12.3 billion dirhams ($3.3 billion). The stock closed at 2.03 dirhams Tuesday, up from the IPO price of 1.50, having earlier risen as much as 51%.

The offering comes as Bitcoin topped $42,000 on optimism that the US will allow its first spot exchange-traded funds and hopes that the worst of a regulatory crackdown is over.

“The outstanding performance of the issue ...