Cryptocurrency mining firm Phoenix Group saw its stock price rocket 50% during its first day of public trading after raising $371 million in an oversubscribed initial public offering (IPO).

Phoenix debuted on the Abu Dhabi Securities Exchange on December 5th, opening at $0.6 per share. Earlier this month, the company closed it IPO after sale of over 907 million shares, drawing heavy oversubscription from both retail and professional investors.

Proceeds from the offering will help fund Phoenix Group's global expansion into areas like renewable Bitcoin mining. The Abu Dhabi-based firm runs on 95% green power currently.

Founded in 2015, Phoenix has inked partnerships across the Middle East to develop blockchain infrastructure. Its market entrance comes as the United Arab Emirates cements leadership in the regional crypto economy through progressive regulations.

Phoenix co-founder Bijan Alizadeh said the mining outfit is anchored on "innovation in Bitcoin mining, renewable energy ventures, advanced manufacturing capabilities and strategic acquisitions." The firm's market value now dwarfs $1 billion after the breakout debut.