BitFuFu to Debut on Nasdaq via SPAC Merger

BitFuFu, a cloud mining service provider affiliated with Bitmain, will go public through a merger with the SPAC Arisz Acquisition Corp.

According to the approved form F-4 by the SEC, shares of the merged company will be traded on Nasdaq under the ticker FUFU.

The business merger is set to occur by February 24, 2024, following approval by a special meeting of Arisz shareholders.

In the first half of 2023, BitFuFu mined 2253 BTC and generated $134 million in revenue.

As of June 30, the firm’s managed hashrate was 15.2 EH/s, with nearly 80% of this capacity provided by equipment leased from Bitmain.

The miner manufacturer holds a 5% stake in BitFuFu and received nearly $90 million in the first half of 2023 from the subsidiary’s total revenue as payments for leasing and hosting.

BitFuFu noted that Bitmain is a private enterprise that does not disclose financial statements and exerts significant influence over the subsidiary’s operations.

Earlier in 2022, BitFuFu announced its intention to go public through a merger with Arisz.