According to The MinerMag: Bitmain-backed Bitcoin mining firm, BitFuFu, is nearing its public listing on the NASDAQ following an approved merger with a special purpose acquisition company (SPAC), Arisz Acquisition Corp. The U.S. Securities and Exchange Commission (SEC) declared BitFufu's Form F-4 filing valid on February 7, marking a significant milestone towards its U.S. listing as a foreign private entity.
Upon completion of this business combination, BitFufu plans to trade on the NASDAQ under the ticker "FUFU". Arisz Acquisition Corp is scheduled to hold a special shareholders' meeting on February 20 to vote on the proposed business combination with BitFufu.
The F-4 filing shows that BitFufu generated revenue of $134 million through self-operated mining and cloud mining in the first half of 2023, roughly the same as Marathon's revenue over the same period. As of June 30, BitFuFu had mined 2,253 Bitcoins, with operational computing power totaling 15.2 EH/s; however, nearly 80% of this computing power is sourced from leased Bitmain machines.
Notably, Bitmain, which holds a 5% stake in BitFufu, is pivotal to BitFufu's operations. BitFufu paid nearly $90 million in revenue to Bitmain for leasing and hosting fees in the first half of 2023.
