Crypto Mining Company BitFuFu Plans to Go Public on Nasdaq via SPAC Deal
Crypto mining company BitFuFu has announced its plans to go public on the Nasdaq stock exchange through a Special Purpose Acquisition Company (SPAC) deal with Arisz Acquisition Corp. The company will be listed under the ticker symbol “FUFU” once the merger is finalized, pending approval from Arisz’s board by February 24.
Merger Details and Mining Operations
As part of the merger agreement, BitFuFu will issue 150 million ordinary shares to Arisz shareholders at $10 per share. The company reported mining 2,253 BTC in the first half of 2023, valued at over $100.2 million based on current market prices. It manages approximately 131,000 miners, consisting of leased miners, self-owned miners, and customer-hosted Bitcoin miners, with a combined mining capacity of 15.2 EH/s.
Partnership with Bitmain
BitFuFu’s operations are closely tied to Bitmain, a major player in Bitcoin mining. The company entered into a strategic partnership with Bitmain in 2021 to enhance user experience by leveraging Bitmain’s resources such as operating and maintenance management systems and stable power supply from its mining farm.
About BitFuFu
Established in 2020, BitFuFu is a cloud mining platform that enables users to participate in crypto mining without the need for setting up and managing their own mining hardware. The merger with Arisz Acquisition represents a pro forma enterprise value of around $1.5 billion.
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