BitFuFu Lists on Nasdaq via SPAC Merger

BitFuFu, a cloud mining service provider affiliated with Bitmain, has gone public through a reverse merger with the SPAC Arisz Acquisition Corp.

We are excited to be @NasdaqExchange !https://t.co/dnsi7H4EdO

— BitFuFu (@BitFuFuOfficial) March 1, 2024

According to a press release, the company’s revenues rose to $198.2 million in the first half of 2023. BitFuFu manages 131,000 miners, with a total hash rate of 15.2 EH/s across 17 facilities as of June 30, 2023.

“As part of the business combination, BitFuFu received $74 million in private investment in public equity from existing shareholders and strategic partners, including Bitmain and AntPool,” company representatives stated.

The leadership of BitFuFu, headed by founder Leo Lu, will continue to manage the company.

The provider’s plans to go public through a merger with Arisz were announced in early 2022.

In April 2023, Bitdeer listed on Nasdaq via a reverse merger with a SPAC. The combined firm’s shares were given the ticker BTDR.

Previously, blockchain hosting provider Core Scientific and mining company GRIID also achieved public status through similar means.