BitFuFu Prepares for Nasdaq Debut After SEC Approval

BitFuFu, a bitcoin mining firm affiliated with Bitmain, the leading manufacturer of cryptocurrency mining hardware, is getting ready to go public in the U.S. through a merger with a special-purpose acquisition company (SPAC). The company received the green light from the U.S. Securities and Exchange Commission (SEC) on Wednesday, clearing a major hurdle in the process.

BitFuFu to List Under the Ticker Symbol FUFU

According to an F-4 filing with the SEC, BitFuFu intends to list on the Nasdaq exchange under the ticker symbol FUFU after completing the business combination with Arisz Acquisition Corp., the SPAC involved in the merger. The company filed the F-4 form on December 31, 2023, to register its securities for the SPAC merger transaction as a foreign private entity. The SEC declared the filing effective on Wednesday, marking a significant milestone in the process.

BitFuFu announced its intention to pursue a public listing in January 2022 through a merger with Arisz Acquisition Corp., aiming for a third-quarter debut on the stock market with an anticipated pro forma enterprise value of nearly $1.5 billion. However, the company had to delay the merger twice due to the need to finalize the business combination and the lack of interest in the crypto sector. The company now expects to complete the merger by May 2024.

Arisz Acquisition Corp. has scheduled a special shareholder meeting for February 20, 2024, during which stockholders will vote on the proposed business combination with BitFuFu. If the merger is approved, BitFuFu will become one of the few bitcoin mining firms to go public in the U.S., joining the likes of Marathon, Riot, and Hut 8.

BitFuFu Reports Strong Revenue and Hashrate Figures

The F-4 filing also disclosed financial details about BitFuFu’s operations. In the first half of 2023, the company reported revenue of $134 million, derived from both proprietary mining and cloud mining activities. This revenue figure is comparable to that of Marathon during the same period. BitFuFu’s mining operations yielded 2,253 BTC, with an operating hashrate of 15.2 EH/s as of June 30. However, it’s noteworthy that nearly 80% of the hashing power was sourced from miners leased from Bitmain, highlighting the close relationship between the two entities.

BitFuFu, founded with early backing from Bitmain and key founding team members of Bitmain, entered into a strategic partnership with Bitmain in February 2022 to offer standardized crypto-mining services. BitFuFu claims to be the world’s first platform to provide standardized mining hash rate services, allowing users to access the hash rate of top mining pools and farms around the world. BitFuFu also offers cloud mining contracts, where users can purchase a certain amount of hash rate for a fixed period of time and receive mining rewards.

BitFuFu’s public listing is expected to boost its growth and expansion plans, as well as enhance its brand recognition and credibility in the market. The company plans to use the proceeds from the merger to increase its self-owned hashrate, expand its cloud mining services, develop new products and services, and pursue strategic partnerships and acquisitions.