Welcome to our dedicated page for BitFuFu news (Ticker: FUFU), a resource for investors and traders seeking the latest updates and insights on BitFuFu stock.
BitFuFu Inc. (NASDAQ: FUFU) is a leading digital asset mining and cloud-mining service provider dedicated to fostering a secure, compliant, and transparent blockchain infrastructure. Since its establishment in December 2020, the company has achieved significant growth, establishing itself as a world leader in the cloud-mining industry.
BitFuFu offers a range of stable and intelligent digital asset mining solutions, including one-stop cloud-mining services and miner hosting services to both institutional customers and individual digital asset enthusiasts. The company leverages its robust infrastructure, managing approximately 131,000 miners and boasting a total mining capacity of 15.2 EH/s across 17 facilities in multiple countries as of June 30, 2023.
Recent achievements include the successful completion of a business combination with Arisz Acquisition Corp., resulting in BitFuFu's Class A ordinary shares and warrants commencing trading on the Nasdaq Stock Market under the ticker symbols “FUFU” and “FUFUW” from March 1, 2024. This move was bolstered by $74 million in PIPE financing commitments from existing shareholders and strategic partners, including Bitmain and AntPool.
Under the leadership of its founder and CEO, Leo Lu, BitFuFu continues to expand its global footprint in the digital asset industry. The company reported revenues of $198.2 million in 2022, with a further increase to $134.2 million in the first half of 2023. BitFuFu's business model, which includes cloud-mining, miner hosting, and self-mining, positions it well to navigate market volatility and maintain growth.
The company also maintains a strong focus on corporate governance and transparency, as evidenced by its recent filing of the annual report on Form 20-F for the fiscal year ended December 31, 2023, with the U.S. Securities and Exchange Commission.
Looking ahead, BitFuFu aims to continue its rapid growth trajectory, expanding its offerings and global presence. The company remains committed to delivering efficient mining solutions to its customers and achieving its vision of becoming the world leader in digital asset mining.
BitFuFu Inc. (NASDAQ: FUFU), a digital asset mining and cloud-mining service provider, announced changes to its Board of Directors on August 5, 2024. Mr. Yang Zhao resigned from the Board effective August 3, 2024, with no disagreements cited. The company appointed two new independent directors:
1. Mr. Huaiyu Liu: Appointed as chairman and member of the audit committee, and member of the nominating and corporate governance and compensation committees. Liu brings over 25 years of finance and management experience.
2. Mr. Joshua Kewei Cui: Appointed as a member of the audit committee. Cui has extensive experience in finance, accounting, and corporate advisory roles.
Following these changes, the Board now consists of six directors, with updated compositions for its audit, compensation, and nominating and corporate governance committees.
BitFuFu Inc. (NASDAQ: FUFU), a leading digital asset mining and cloud-mining service provider, has announced its participation in the Bitcoin 2024 Conference. The event is scheduled for July 25-27, 2024, at the Music City Center in Nashville, Tennessee.
Representing the company at the conference will be CEO Leo Lu and VP of Investor Relations Charley Brady. Attendees interested in meeting with BitFuFu representatives can arrange appointments by contacting ir@bitfufu.com.
This participation underscores BitFuFu's commitment to engaging with the cryptocurrency community and showcasing its fast-growing services in the digital asset mining sector.
BitFuFu (NASDAQ: FUFU), a leading digital asset mining service provider, will participate in the BITMAIN World Digital Mining Summit (WDMS) 2024 in Las Vegas on June 17-18, 2024. CEO Leo Lu will deliver a keynote speech discussing BitFuFu's cloud-mining technology, which benefits both miners and customers by providing a cost-effective method to obtain Bitcoin. The summit, organized by BITMAIN, gathers global leaders in mining and blockchain to explore current and future trends in the industry. The event will be available to watch via livestream on the WDMS 2024 official website.
BitFuFu (NASDAQ: FUFU), a leading digital asset and cloud-mining service provider, has appointed Ms. Calla Zhao as Chief Financial Officer, effective May 29, 2024. Ms. Zhao, who has been with BitFuFu as financial controller since September 2021, brings extensive experience from her previous roles at GGG and KPMG. Her expertise was pivotal in BitFuFu’s NASDAQ listing earlier this year. CEO Leo Lu expressed confidence in her ability to drive the company's growth. Ms. Zhao holds a BA in Management from Peking University and is a Certified Public Accountant (CPA).
BitFuFu, a NASDAQ-listed digital asset mining service, reported its unaudited Q1 2024 financial results. Hosting capacity increased to 644 MW, up from 513 MW in Q1 2023, while total mining capacity hit 28.6 EH/s, a 52.1% rise. Cloud-mining users grew 63.5% to 321,184. However, BTC production from self-mining fell 11% to 1,103 BTCs. The cost to mine BTC surged to $39,182 each.
Revenue soared 149% to $144.4 million, driven by a 181% increase in cloud-mining revenue to $81.5 million and a 117% rise in self-mining revenue to $60.1 million. Net income leaped to $35.3 million, up from $2.7 million in Q1 2023. Adjusted EBITDA was $49.9 million, increasing from $9.4 million last year. The company ended the quarter with $163.7 million in cash and digital assets, up from $76 million at the end of 2023.
BitFuFu Inc., a digital asset mining service provider, will report its unaudited financial results for the first quarter on May 20, 2024. The earnings conference call will take place at 8:00 A.M. U.S. Eastern Time. Participants need to register in advance to receive access details.
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