{"id":56588,"date":"2022-01-25T18:02:17","date_gmt":"2022-01-25T16:02:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=56588"},"modified":"2025-09-04T07:14:03","modified_gmt":"2025-09-04T04:14:03","slug":"bitfufu-to-go-public-via-spac-merger","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitfufu-to-go-public-via-spac-merger\/","title":{"rendered":"BitFuFu to go public via SPAC merger"},"content":{"rendered":"

Cloud-mining services provider BitFuFu plans to go public through a merger with SPAC<\/span>-backed Arisz Acquisition Corp., according to a press release.<\/p>\n

\\n\\n\\n\\n<\/p>\n

The combined company’s shares will trade under the ticker FUFU. Nasdaq listing is expected in the third quarter of 2022.<\/p>\n

\\n\\n\\n\\n<\/p>\n

The estimated valuation of BitFuFu Inc is $1.5 billion. According to the provider, this figure is 4.6 times the projected revenue for the current year, which is expected to be about $330 million if Bitcoin remains above $45,000.<\/p>\n

\\n\\n\\n\\n<\/p>\n

BitFuFu is the sole strategic partner of Bitmain in cloud mining. The SPAC deal includes financing of $70 million (based on $10 per share), provided by the mining equipment manufacturer and its Antpool-owned pool.<\/p>\n

\\n\\n\\n\\n<\/p>\n

According to the press release, the merger will bring BitFuFu more than $129 million in cash after accounting for deal-related expenses and assuming there are no share redemptions by Arisz’s existing shareholders.<\/p>\n

\\n\\n\\n\\n<\/p>\n

The proceeds will be used to purchase mining equipment and build out the infrastructure.<\/p>\n

\\n\\n\\n\\n<\/p>\n

In December 2021 BitFuFu shut down devices located in Kazakhstan<\/a> due to power-supply problems in the country and began relocating equipment to the United States.<\/p>\n

\\n\\n\\n\\n<\/p>\n

On January 21, 2022, the provider said<\/a> that the relocation had been completed and the hash rate restored.<\/p>\n

\\n\\n\\n\\n<\/p>\n

The mining company Stronghold Digital Mining conducted an IPO on Nasdaq<\/a>, listing 6,687,305 Class A shares at $19.<\/p>\n

\\n\\n\\n\\n<\/p>\n

Earlier on January 20, on the same exchange under the ticker CORZ the securities of the blockchain-hosting provider Core Scientific<\/a> began trading.<\/p>\n

\\n\\n\\n\\n<\/p>\n

Subscribe to ForkLog news on Telegram: ForkLog Feed<\/a> \u2014 the full news feed, ForkLog<\/a> \u2014 the most important news, infographics and opinions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cloud-mining services provider BitFuFu plans to go public through a merger with SPAC Arisz Acquisition Corp., according to a press release.<\/p>\n","protected":false},"author":1,"featured_media":56589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,768,26],"class_list":["post-56588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-nasdaq","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=56588"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56588\/revisions"}],"predecessor-version":[{"id":56590,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56588\/revisions\/56590"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/56589"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=56588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=56588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=56588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}