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

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Crypto mining firm BitFuFu plans to go public on the Nasdaq inventory change through a SPAC cope with Arisz Acquisition Corp.

In accordance with documents filed with the U.S. Securities and Change Fee (SEC), BitFuFu plans to go public underneath the ticker image “FUFU” as soon as the merger with Arisz Acquisition Corp is finalized. The merger is anticipated to obtain approval from Arisz’s board by Feb. 24, the doc reads.

Following the merger, BitFuFu will difficulty a complete of 150,000,000 abnormal shares to Arisz shareholders at $10 per share.

In accordance with the submitting, BitFuFu mined 2,253 BTC within the first half of 2023, valued at over $100.2 million primarily based on present market costs. At the moment, BitFuFu managed roughly 131,000 miners, comprising 105,800 leased miners, 20,600 self-owned miners, and 4,600 customer-hosted Bitcoin miners. This equates to a mixed mining capability of 15.2 EH/s, the submitting says.

BitFuFu’s operations are understood to be carefully linked with Bitmain, a distinguished participant in Bitcoin mining. In 2021, BitFuFu announced a strategic partnership with Bitmain, saying the newest will use its assets, together with working and upkeep administration methods and a secure energy provide from its mining farm, to make sure a “premium person expertise to BitFuFu purchasers.”

Based in 2020, BitFuFu is a cloud mining platform that permits customers to take part in crypto mining while not having to arrange and handle their very own mining {hardware}. In a press launch in early 2022, BitFuFu mentioned in a press release that the merger with Arisz Acquisition represents a professional forma enterprise worth of roughly $1.5 billion.

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