Jannat Ara

BitFuFu, Bitmain-Backed Mining Firm, Pursues Nasdaq Listing via SPAC Deal

BitFuFu’s Nasdaq Debut: BitFuFu, a leading cryptocurrency mining company, is set to go public on the Nasdaq stock exchange through a special purpose acquisition company (SPAC) deal with Arisz Acquisition Corp.

SPAC Deal Details: As per documents filed with the U.S. Securities and Exchange Commission (SEC), BitFuFu intends to commence trading under the ticker symbol “FUFU” following the completion of the merger with Arisz Acquisition Corp. The merger is expected to secure approval from Arisz’s board by Feb. 24, as outlined in the filing.

Post-Merger Plans: Upon finalization of the merger, BitFuFu will issue 150,000,000 ordinary shares to Arisz shareholders at a price of $10 per share.

Operational Insights: During the first half of 2023, BitFuFu reported mining approximately 2,253 BTC, valued at over $100.2 million based on prevailing market rates. The company managed a fleet of around 131,000 miners, including leased, self-owned, and customer-hosted Bitcoin miners, with a combined mining capacity of 15.2 EH/s.

Strategic Partnerships: BitFuFu’s operations are closely intertwined with Bitmain, a key player in Bitcoin mining. The company established a strategic partnership with Bitmain in 2021, leveraging Bitmain’s resources such as operating and maintenance management systems and a stable power supply to enhance user experience for BitFuFu clients.

Company Background: Founded in 2020, BitFuFu operates as a cloud mining platform, allowing users to participate in cryptocurrency mining without the need to set up and manage their own mining hardware. In early 2022, BitFuFu announced its merger with Arisz Acquisition Corp, reflecting a pro forma enterprise value of approximately $1.5 billion.

Conclusion: BitFuFu’s planned Nasdaq listing via the SPAC deal underscores its commitment to capitalizing on the growing interest in cryptocurrency mining. With strategic partnerships and a strong operational track record, BitFuFu aims to leverage its position in the market to drive value for shareholders and further expand its presence in the crypto mining industry.

Powered by Crypto Expert BD

Follow us on Twitter: https://x.com/CryptoExpert_BD

Join our Telegram channel: https://t.me/CryptoExpert_BD

Leave a Comment