Home Blockchain Bitmain’s Mining Firm BitFuFu Set to Go Public in the U.S. via SPAC

Bitmain’s Mining Firm BitFuFu Set to Go Public in the U.S. via SPAC

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Bitmain’s Mining Firm BitFuFu Set to Go Public in the U.S. via SPAC

Hassan Shittu

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| 2 min read

Bitmain's Mining Firm BitFuFu Set to Go Public in the U.S. via SPAC

Source: AdobeStock / Photocreo Bednarek

BitFuFu, a bitcoin mining firm affiliated with Bitmain, a prominent player in the cryptocurrency mining industry, is advancing towards a public listing in the United States through a merger with a special-purpose acquisition company (SPAC).

On December 31, BitFuFu filed an F-4 form with the U.S. Securities and Exchange Commission (SEC) to register its securities for the SPAC merger transaction as a foreign private entity. The SEC declared the filing effective on Wednesday, marking a significant milestone in the process.

BitFuFu Moves Closer to U.S. Public Listing


According to the F-4 filing, BitFuFu intends to list on the Nasdaq exchange under the ticker symbol “FUFU” upon the completion of the business combination with Arisz Acquisition Corp., the SPAC involved in the merger.

Initially, the company had unveiled intentions to pursue a public listing in January 2022 through a merger with Arisz Acquisition Corp., aiming for a third-quarter debut on the stock market with an anticipated pro forma enterprise value of nearly $1.5 billion. However, citing the need to finalize the business combination, Bitfufu has pushed back its public listing to May.

At the time, this extension marked the second of two three-month extensions allowed under Arisz’s governing documents. Unless shareholders approve a revision to its governing framework, Bitfufu will be unable to further delay the merger. Additionally, the extension will inject an additional $690,000 into Arisz’s operations.

The decision highlighted the challenges faced by crypto firms seeking public listings, as evidenced by the recent collapse of major players like FTX. Heightened regulatory scrutiny and market volatility have prompted companies to reassess their fundraising strategies in public markets.

Bitfufu, founded with early backing from Bitmain and key founding team members of Bitmain, entered into a strategic partnership with Bitmain in February 2022 to offer standardized crypto-mining services.

Arisz Acquisition Corp. has scheduled a special shareholder meeting for February 20, during which stockholders will vote on the proposed business combination with BitFuFu.

BitFuFu’s F-4 Filing Reveals Strong Revenue and Hashrate Figures


The F-4 filing also disclosed financial details about BitFuFu’s operations. In the first half of 2023, the company reported revenue of $134 million, derived from both proprietary mining and cloud mining activities. This revenue figure is comparable to that of Marathon during the same period.

BitFuFu’s mining operations yielded 2,253 BTC, with an operating hashrate of 15.2 EH/s as of June 30. However, it’s noteworthy that nearly 80% of the hashing power was sourced from miners leased from Bitmain, highlighting the close relationship between the two entities.

Interestingly, Bitmain holds a 5% equity stake in BitFuFu and serves as a significant supplier for the company. Approximately $90 million of BitFuFu’s revenue in the first half of 2023 was allocated to Bitmain as a cost of revenue associated with miner leasing and hosting fees, underscoring the interdependence between the two firms.

As BitFuFu progresses towards its public listing, its ties with Bitmain and its robust financial performance position it as a notable player in the cryptocurrency mining sector, poised to capitalize on the growing interest in digital assets and blockchain technology.

Similarly, crypto firm Bullish announced the termination of its deal to go public with Far Peak Acquisition in December, citing market conditions and regulatory uncertainties from the United States Securities and Exchange Commission (SEC) regarding digital asset frameworks.

The IPOX SPAC index benchmark performance, tracking the aftermarket performance of SPAC companies, has experienced a decline of 9.04% over the past 12 months, reflecting the challenges faced by companies seeking public listings via SPAC mergers amidst a volatile market environment.

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