BitFuFu, a Bitcoin mining firm supported by Bitmain, considers a public debut through an SPAC agreement.
BitFuFu, a crypto mining firm, is planning to make its debut on the Nasdaq stock exchange through a special purpose acquisition company (SPAC) deal with Arisz Acquisition Corp.
According to documents submitted to the U.S. Securities and Exchange Commission (SEC), BitFuFu intends to go public under the ticker symbol “FUFU” once the merger with Arisz Acquisition Corp is finalized. The board of Arisz is expected to approve the merger by February 24, as stated in the documents.
Once the merger is complete, BitFuFu will issue a total of 150,000,000 ordinary shares to Arisz shareholders at a price of $10 per share.
The filing reveals that BitFuFu mined a total of 2,253 BTC in the first half of 2023, which is valued at over $100.2 million based on current market prices. At the time, BitFuFu had approximately 131,000 miners under its management, including 105,800 leased miners, 20,600 self-owned miners, and 4,600 customer-hosted Bitcoin miners. This translates to a combined mining capacity of 15.2 EH/s, according to the filing.
BitFuFu’s operations are closely tied to Bitmain, a prominent player in the Bitcoin mining industry. In 2021, BitFuFu announced a strategic partnership with Bitmain, stating that it would utilize Bitmain’s resources, such as operating and maintenance management systems and a stable power supply from its mining farm, to provide a superior user experience to BitFuFu clients.
Established in 2020, BitFuFu is a cloud mining platform that allows users to participate in crypto mining without the need to set up and manage their own mining hardware. In an early 2022 press release, BitFuFu stated that the merger with Arisz Acquisition represents a pro forma enterprise value of approximately $1.5 billion.
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