Everything in Observer
Business Description
BitFuFu Inc. (NASDAQ: FUFU), founded in December 2020 and headquartered in Singapore, provides cloud-mining subscriptions, miner rental, and fee-based hosting services to institutional and individual clients globally. It operates as Bitmain's exclusive cloud-mining partner.
Founded by Leo Lu, a former Business Director at Bitmain, BitFuFu launched with early backing from Bitmain and has expanded from cloud-mining into self-mining operations. The company's proprietary Aladdin system manages ultra-large-scale hash power, dynamically allocating hashrate across cloud-mining and self-mining workloads in real time. In April 2026, BitFuFu returned to the Bitcoin 2026 conference in Las Vegas and launched ANTMINER S21 XP Hosted Mining packages priced at $9.5/T.
BitFuFu's supply chain and financing run through Bitmain. BitFuFu holds a 10-year, 300 MW miner-hosting capacity cooperation agreement with Bitmain and, under a separate two-year framework deal, secured a fleet of 80,000 Antminer S units, including S21 XP and S21 Pro models. In November 2024, BitFuFu's subsidiary signed a two-year Master Loan Agreement with Antpool Technologies (one of the world's largest Bitcoin mining pools) for up to $100 million at 6.5% annual interest, secured against a portion of its Bitcoin treasury at a 70% loan-to-value ratio; $25 million was drawn at announcement.
BitFuFu became publicly traded on Nasdaq on March 1, 2024, via a SPAC business combination with Arisz Acquisition Corp. Full-year 2024 revenue reached $463.3 million, a 63.1% increase from $284.1 million in 2023. Cloud-mining solutions contributed $271.0 million (up 52.2%), while Bitcoin self-mining generated $157.5 million (up 57.2%). Net income for 2024 was $54.0 million, a 414.3% increase from $10.5 million in 2023; adjusted EBITDA expanded 181.8% to $117.5 million. Net dollar retention for 2024 came in at 117.1%.
BitFuFu has pivoted from an asset-light model toward direct infrastructure ownership, acquiring a majority stake in an 80 MW hydropower-backed Bitcoin mining facility in Ethiopia at $0.036/kWh and a 51.25% interest in a 51 MW data center in Oklahoma, bringing total secured power capacity to 164 MW as of early 2025. According to BitcoinMiningStock.io data as of 2026-03-31, BitFuFu carries an operating hashrate of 3.30 EH/s against an installed base of 25.90 EH/s, produced 43.00 BTC in March 2026 through self-mining, and holds 1,794.00 BTC in treasury. The company's stated target is 1 GW of total power capacity by end of 2026.
