Phoenix Group, the first UAE-based cryptocurrency firm to list on the Abu Dhabi Securities Exchange (ADX), has announced the appointment of Munaf Ali as its new Chief Executive Officer. The announcement signals a pivotal moment as the company explores dual listing opportunities, including a potential NASDAQ listing in 2025, and expands its global presence in the cryptocurrency sector.
Seyed Mohammad Alizadehfard (Bijan)
CEO and co-founder of Phoenix Group
Ali, a co-founder of Phoenix Group, previously served as Group Managing Director and has over 20 years of experience in capital markets, including with Citigroup. His leadership is expected to enhance institutional partnerships and further position the company as a global leader. The leadership transition comes as current CEO and co-founder, Seyed Mohammad Alizadehfard (Bijan), steps down to focus on his investment fund, Cypher Capital, while remaining a shareholder and advisor to the company.
A Growing Presence in Cryptocurrency and Finance
Phoenix Group operates a substantial 765MW mining operation across facilities in the US, Canada, CIS, and UAE. Since its inception in 2017, the company has diversified its operations into four verticals: Mining, Hosting, Trading, and Investments. It has grown into a multi-billion-dollar technology conglomerate that bridges traditional finance and digital assets.
Munaf Ali, in his first statement as CEO, expressed gratitude for Alizadehfard’s leadership in steering Phoenix Group’s growth and emphasized the company’s focus on innovation:
“My extensive background in banking and finance equips me to navigate the complexities of our industry as the worlds of traditional and digital assets converge. Looking ahead, we are exploring dual listing opportunities, including on NASDAQ in 2025, as we continue to build our global presence.”
Alizadehfard reaffirmed his commitment to supporting the company’s growth:
“While I transition from the CEO role, I am dedicated to supporting Munaf and the team as we embark on the next stage of Phoenix’s journey. My expertise, combined with Munaf’s institutional background, will ensure Phoenix Group remains at the forefront of our industry both here in UAE and on the global stage.”
Bridging Traditional and Digital Finance
Phoenix Group’s recent sponsorship of Abu Dhabi Finance Week highlights its role in integrating traditional finance with digital assets. The company continues to focus on innovation and collaboration with leading investment banks as it explores dual listing opportunities and expands its global footprint.
