Bitmain-backed Bitcoin mining firm BitFuFu eyes going public via SPAC deal

Crypto mining company BitFuFu plans to go public on the Nasdaq stock exchange via a SPAC deal with Arisz Acquisition Corp.

According to documents filed with the U.S. Securities and Exchange Commission (SEC), BitFuFu plans to go public under the ticker symbol “FUFU” once the merger with Arisz Acquisition Corp is finalized. The merger is anticipated to receive approval from Arisz’s board by Feb. 24, the document reads.

Following the merger, BitFuFu will issue a total of 150,000,000 ordinary shares to Arisz shareholders at $10 per share.

According to the filing, BitFuFu mined 2,253 BTC in the first half of 2023, valued at over $100.2 million based on current market prices. At that time, BitFuFu managed approximately 131,000 miners, comprising 105,800 leased miners, 20,600 self-owned miners, and 4,600 customer-hosted Bitcoin miners. This equates to a combined mining capacity of 15.2 EH/s, the filing says.

BitFuFu’s operations are understood to be closely linked with Bitmain, a prominent player in Bitcoin mining. In 2021, BitFuFu announced a strategic partnership with Bitmain, saying the latest will use its resources, including operating and maintenance management systems and a stable power supply from its mining farm, to ensure a “premium user experience to BitFuFu clients.”

Founded in 2020, BitFuFu is a cloud mining platform that enables users to participate in crypto mining without needing to set up and manage their own mining hardware. In a press release in early 2022, BitFuFu said in a press release that the merger with Arisz Acquisition represents a pro forma enterprise value of approximately $1.5 billion.