Febraury 29, 2024
BitFuFu, a digital asset mining service provider, announced the completion of their business combination with Arisz Acquisition Corp. on March 2, 2024. This transaction resulted in BitFuFu becoming a publicly traded company listed on the Nasdaq Stock Market under the ticker symbols "FUFU" and "FUFUW" as of March 1, 2024.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
BitFuFu | Feb 29, 2024 | $74M | Post-IPO Equity | $74M | Bitmain, AntPool | Mining |
Founded in December 2020, BitFuFu has emerged as a leading provider of cloud mining services for both institutional and individual cryptocurrency enthusiasts. The company has experienced significant revenue growth, rising from just over $100,000 in 2020 to $198.2 million in 2022. This upward trend continued in the first half of 2023, with revenues reaching $134.2 million.
BitFuFu offers a range of mining solutions, including cloud mining contracts, miner hosting, and self-mining options. As of June 30, 2023, the company manages a substantial infrastructure with approximately 131,000 miners and a total mining capacity of 15.2 EH/s across facilities in multiple countries. To manage risk and optimize operations, BitFuFu utilizes a combination of self-owned miners, leased miners, and a mix of cloud and self-mining services.
In conjunction with the business combination, BitFuFu secured $74 million in private investment in public equity (PIPE) financing from existing shareholders and strategic partners. The company's management team, led by founder Leo Lu, will remain in place following the public listing.
About BitFuFu
BitFuFu is a Singapore-based company that provides digital asset mining services and cloud mining solutions. Their platform allows users to participate in cryptocurrency mining without requiring extensive technical knowledge or upfront hardware investment.
Website: https://bitfufu.com
X Account: https://x.com/BitFuFuOfficial
X Followers today: 6,213
About Investor
Investor: Bitmain and AntPool
Bitmain and AntPool are prominent players in the cryptocurrency mining industry. Bitmain is a leading manufacturer of cryptocurrency mining rigs, while AntPool is a major cryptocurrency mining pool. Their participation in BitFuFu's PIPE financing for $74 million signifies a strategic investment from established industry partners. This investment likely strengthens BitFuFu's credibility and industry connections within the digital asset mining space.
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