Phoenix Group, a cryptocurrency mining company based in the United Arab Emirates, has pushed back its scheduled initial public offering (IPO) due to the country's National Day celebrations.

Originally set to begin public trading on the Abu Dhabi Securities Exchange (ADX) on December 4th, Phoenix announced it has moved the listing date to December 5th instead. The delay allows comprehensive participation amid public holidays declared around UAE National Day on December 2nd.

Phoenix successfully closed its IPO pre-sale on November 21st after seeing a 33-fold oversubscription for the 907 million shares offered. The company garnered overwhelming interest from both retail and professional investors.

As one of the largest crypto mining operations in the Middle East, Phoenix has been preparing for months to go public in the UAE — an increasingly crypto-friendly jurisdiction. The IPO delay aims to account for a 3-day market closure honoring UAE National Day.

Phoenix stated its rescheduled December 5th listing launch will "honor the occasion" of UAE National Day celebrations while ensuring all interested investors can take part in the market debut. The country has emerged as a global leader in supporting crypto development.