BitFuFu

BitFuFu Inc.
Company type
Public
Nasdaq: FUFU
IndustryBitcoin mining
Founded2020 (2020)
FounderLeo Lu
HeadquartersSingapore
Area served
Global
Services
  • Self-mining
  • Cloud mining
  • Miner sales
  • Miner hosting services
  • Mining software (BitFuFuOS)
  • Mining pool services[1][2]
Revenue
  • US$198.2 million (2022)
  • US$284.1 million (2023)
  • US$463.3 million (2024)[3]
Total assets$467.6 million, including 1,792 Bitcoin (as of June 30, 2025)
Websitebitfufu.com

BitFuFu Inc. (Nasdaq: FUFU) is a Bitcoin miner and mining services innovator headquartered in Singapore.[4][5]

The company acquires and holds Bitcoin through self-mining[6] as its long-term asset allocation strategy, while providing retail and institutional clients with one-stop mining services such as cloud mining, miner sales, and miner hosting.[7][8][2]

In March 2024, following a SPAC merger, BitFuFu became publicly listed on Nasdaq under the ticker symbol FUFU.[9][10]

Operation

Self-mining

BitFuFu conducts self-mining by acquiring and developing mining facilities, and deploying company-owned mining machines.[11][12] The company retains the mined Bitcoin as its long-term holding strategy.[13] In 2024, revenue from BitFuFu's self-mining operations increased by 57% to US$158 million.[14] As of June 30, 2025, the company held 1,792 Bitcoins,[15] ranking sixth among the Bitcoin treasury companies in Asia and 24th globally.[16]

In January 2025, BitFuFu announced that it had entered into a multi-year framework agreement with Bitmain,[17][18] spanning 2024 to 2026, which grants the company the exclusive right—without obligation—to purchase up to 80,000 new S-series mining machines, including models such as the S21 XP and S21 Pro.[19]

In October 2024, BitFuFu signed to acquire an 80 MW mining facility in Ethiopia[20][21] and in September and November of the same year, the company entered into long-term leases on two U.S. mining facilities (totaling 33 MW) with purchase options.[22][23] In February 2025, the company finalized a deal to acquire a 51 MW Bitcoin mining facility in Oklahoma, U.S.[24]

As of June 30, 2025, BitFuFu managed a total hashrate of 36.2 EH/s and had a combined global power capacity of 728 MW across five continents.[25]

Cloud mining

BitFuFu offers cloud mining services to both institutional and retail customers. Users can purchase cloud mining contracts via BitFuFu's mobile application or website, selecting desired hashrate and service duration to earn Bitcoin rewards, without the need to buy or manage mining hardware directly.[26]

BitFuFu is the world's largest cloud mining platform. In 2024, its cloud mining revenue increased by 52% to US$271 million.[27] As of June 30, 2025, the platform had over 623,000 of registered users.[28]

Miner sales

BitFuFu sells Bitcoin miners to clients, with the ability to source specific models based on clients’ specifications.[29] Clients may opt to have the equipment hosted at BitFuFu's mining facilities, which provide standardized infrastructure, including rack space, power supply, network connectivity, and routine maintenance services.[30]

Miner hosting

BitFuFu offers miner hosting services, allowing users to deploy their miners at the company's self-operated facilities.[31] The platform handles installation, pool connectivity, and ongoing operational maintenance, eliminating the need for clients to construct dedicated infrastructure or perform daily upkeep.[32] Clients retain full ownership of all mining rewards generated during the hosting period, and ownership of the equipment remains with the user upon completion of the service term.[33]

Mining pool

BitFuFuPool is a private-label Bitcoin mining pool launched by BitFuFu in December 2024. It is accessible to users through the BitFuFu app when purchasing cloud mining products or miner services. The pool offers commission rates as low as 0%.[9]

Mining software

In January 2025, BitFuFu launched BitFuFuOS, mining optimization software supporting customizable overclocking and underclocking modes.[34][35] The system enables real-time adjustment of power and frequency to adapt to varying environmental conditions, with potential mining output increases of up to 20%.[36]

Technology

BitFuFu's proprietary Aladdin system is designed to manage ultra-large-scale hash power, dynamically allocating hashrate between self-mining and cloud mining operations based on supply-demand conditions.[35] Aladdin consists of three major components: FuFu Sentry for real-time monitoring and operational automation, FuFu Proxy System for precision hash routing between miners and pools, and FuFu Dispatcher Engine for stable protocol execution and hash distribution.[37]

History

BitFuFu was founded in December 2020 by Leo Lu.[10] In late 2022, BitFuFu announced plans for a SPAC merger, and in early 2024, the company completed a business combination with Arisz Acquisition Corp.[10] Following this merger, BitFuFu's Class A shares and warrants began trading on Nasdaq on March 1, 2024, under the ticker FUFU and FUFUW.[9][38]

In March 2025, BitFuFu was announced as one of the largest corporate holdings of the new Bitwise Bitcoin Standard Corporations ETF, representing about 4.0% of the ETF's assets.[39]

In May 2025, the company sponsored the Bitcoin 2025 conference in Las Vegas.[40]

References

  1. ^ Lee, Zinnia. "Bitmain-Backed Crypto Miner Bitfufu Finally Goes Public In SPAC Deal". Forbes. Retrieved 11 September 2025.
  2. ^ a b "BitFuFu Inc, FUFU:NAQ profile - FT.com". markets.ft.com. Retrieved 11 September 2025.
  3. ^ "BitFuFu Full Year 2024 Earnings: EPS Beats Expectations". simplywall.st. 26 March 2025. Retrieved 13 August 2025.
  4. ^ Lee, Zinnia. "Bitmain-Backed Crypto Miner Bitfufu Finally Goes Public In SPAC Deal". Forbes. Retrieved 13 August 2025.
  5. ^ Huang, Zheping (25 January 2022). "Bitmain‑Backed Crypto Miner Seeks U.S. Listing in SPAC Deal". Bloomberg. Retrieved 21 May 2026.
  6. ^ "BITFUFU - Bitcoin Treasury Holdings & Analysis". bitcointreasuries.net. 31 May 2025. Retrieved 13 August 2025.
  7. ^ "Is BitFuFu Inc. (FUFU) the Crypto Stock with the Biggest Upside Potential?". finance.yahoo.com. 20 December 2024. Retrieved 13 August 2025.
  8. ^ Sokolidou, Anna (28 March 2025). "BitFuFu Stock: Excellent 2024 Earnings (NASDAQ:FUFU)". Seeking Alpha. Retrieved 11 September 2025.
  9. ^ a b c Huang, Vicky Ge (10 May 2023). "Crypto Companies Test the Public Markets". WSJ. Retrieved 13 August 2025.
  10. ^ a b c Wang, Cat (25 January 2022). "Bitmain-Backed Crypto Mining Company Reaches $1.5 Billion SPAC Merger To Go Public". Forbes. Retrieved 13 August 2025.
  11. ^ Sokolidou, Anna (28 March 2025). "BitFuFu: Excellent 2024 Earnings". seekingalpha.com. Retrieved 13 August 2025.
  12. ^ "A Look into Bitmain's Bitcoin Mining Scale via BitFuFu". TheMinerMag. 16 January 2024. Retrieved 13 August 2025.
  13. ^ Flippin, Meg (14 February 2025). "How BitFuFu's 1GW Global Capacity Expansion Plan Can Help Move Crypto Into A New Landscape - Cleanspark (NASDAQ:CLSK), BitFuFu (NASDAQ:FUFU)". Benzinga. Retrieved 13 August 2025.
  14. ^ "BitFuFu rides crypto wave, flexible business model to lofty profits - Bamboo Works - China stock insights for global investors". Bamboo Works. 2 April 2025. Retrieved 13 August 2025.
  15. ^ "Bitcoin miner BitFuFu mines 445 BTC for its biggest production month". Cointelegraph. 8 July 2025. Retrieved 13 August 2025.
  16. ^ "BitcoinTreasuries.NET - Top Bitcoin Treasury Companies". bitcointreasuries.net. Retrieved 13 August 2025.
  17. ^ "BitFuFu Secures Major Miner Supply Agreement with Bitmain". Yahoo Finance. 10 September 2025. Retrieved 10 September 2025.
  18. ^ "BitFuFu Signs Two-Year Framework Agreement with Bitmain for 80,000 Miners". Nasdaq. 10 September 2025. Retrieved 10 September 2025.
  19. ^ Zhao, Wolfie (2 January 2025). "BitFuFu Secures Deal for 80,000 Bitcoin Miners with Bitmain". TheMinerMag. Retrieved 13 August 2025.
  20. ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. 23 October 2024. Retrieved 11 September 2025.
  21. ^ "BitFuFu boosts Bitcoin mining with first physical facility in Ethiopia". Cointelegraph. Archived from the original on 22 October 2024. Retrieved 21 May 2026.
  22. ^ "BitFuFu Stock Surges Pre-Market On Cost-Efficient Bitcoin Mining Expansion: Retail Sentiment Powers Up". www.msn.com. Retrieved 13 August 2025.
  23. ^ McBride, Elizabeth (3 March 2025). "Keep the lights on or mine Bitcoin? How crypto is starting to suck up clean energy". CNN. Retrieved 13 August 2025.
  24. ^ "BitFuFu Announces February 2025 Bitcoin Mining and Operation Updates". www.sec.gov. 6 March 2025. Retrieved 13 August 2025.
  25. ^ Carreras, Tom (10 September 2025). "BitFuFu Hits 36.2 EH/s Mining Hashrate Milestone". Yahoo Finance. Retrieved 10 September 2025.
  26. ^ "Annual Report for Fiscal Year Ending December 31, 2024 (Form 20-F)". publicnow.com. 21 April 2025. Retrieved 13 August 2025.
  27. ^ Jones, Dow (25 March 2025). "BitFuFu Shares Jump 22% After 2024 Revenue Surges on Cloud-Mining Business | MarketScreener". www.marketscreener.com. Retrieved 13 August 2025.
  28. ^ "BitFuFu: Punished For a Bad Quarter, Poised For a Powerful Re-Rating". seekingalpha.com. 27 June 2025. Retrieved 13 August 2025.
  29. ^ "BitFuFu Inc. Reports 32% Increase in Bitcoin Production and Strategic Expansion Plans for 2025". Nasdaq. 6 January 2025. Retrieved 11 September 2025.
  30. ^ Rozen, Jacob (11 June 2025). "BitFuFu's record-reaking output demonstrates mining dominance". CoinGeek. Retrieved 11 September 2025.
  31. ^ editordoug (2 April 2025). "BitFuFu rides crypto wave, flexible business model to lofty profits - Bamboo Works - China stock insights for global investors". Bamboo Works. Retrieved 11 September 2025.
  32. ^ Inc, Bitfufu (2 December 2024). "BitFuFu Enhances One-Click Mining User Experience with Upgraded Website and Mobile App". GlobeNewswire News Room. Retrieved 11 September 2025. {{cite web}}: |last= has generic name (help)
  33. ^ "How Bitcoin Mining Hosting Simplifies Operations". EZ Blockchain™. 10 December 2024. Retrieved 11 September 2025.
  34. ^ IQ, S&P Capital (8 January 2025). "BitFuFu Inc. Unveils BitfufuOS Software Service to Boost Mining Revenue by Up to 20%". MarketScreener. Retrieved 11 September 2025.
  35. ^ a b "BitFuFu's Strategic Dominance in the Bitcoin Mining Sector Amid Rising Institutional Demand". Ainvest. 17 August 2025. Retrieved 11 September 2025.
  36. ^ "View Filing Data for SEC filing 0001213900-25-033733". s3.amazonaws.com. Retrieved 11 September 2025.
  37. ^ Silva, Dilantha De (14 May 2025). "BitFuFu: On Track For Strong Operating Income Growth In 2026 (NASDAQ:FUFU)". Seeking Alpha. Retrieved 11 September 2025.
  38. ^ "Bitmain-Backed BitFuFu Lists on Nasdaq via SPAC Merger". TheMinerMag. 1 March 2024. Archived from the original on 3 March 2024. Retrieved 21 May 2026.
  39. ^ "BitFuFu Inc. Included in Launch of Bitwise Bitcoin Standard Corporations ETF". nasdaq.com. 13 March 2025. Retrieved 13 August 2025.
  40. ^ "BitFuFu Announces April 2025 Bitcoin Mining and Operation Updates". dcnewsnow.com. Retrieved 13 August 2025.

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