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BitFuFu Inc. presents its 2025 annual report, describing a fast‑growing but highly cyclical Bitcoin mining and cloud‑mining business. Revenue rose from US$284.1 million in 2023 to US$463.3 million in 2024 and US$477.5 million in 2025, driven by expansion in hash rate and hosting capacity.
Cost of revenue also increased, keeping gross margins low at 4.5%, 6.4% and 6.1% for 2023, 2024 and 2025. Net income was US$10.5 million in 2023 and US$54.0 million in 2024, then swung to a net loss of US$31.3 million in 2025 as volatility in Bitcoin prices, fair‑value swings on digital assets and rising operating costs weighed on results.
The company highlights heavy dependence on Bitcoin price, a concentrated supplier base led by Bitmain, significant customer concentration, power cost and hosting risks, security and custody risks around digital assets and stablecoins, and ongoing internal control weaknesses over financial reporting. As of December 31, 2025, BitFuFu had 166,613,948 ordinary shares outstanding and had pledged 274 Bitcoins as loan collateral.
BitFuFu Inc. presents its 2025 annual report, describing a fast‑growing but highly cyclical Bitcoin mining and cloud‑mining business. Revenue rose from US$284.1 million in 2023 to US$463.3 million in 2024 and US$477.5 million in 2025, driven by expansion in hash rate and hosting capacity.
Cost of revenue also increased, keeping gross margins low at 4.5%, 6.4% and 6.1% for 2023, 2024 and 2025. Net income was US$10.5 million in 2023 and US$54.0 million in 2024, then swung to a net loss of US$31.3 million in 2025 as volatility in Bitcoin prices, fair‑value swings on digital assets and rising operating costs weighed on results.
The company highlights heavy dependence on Bitcoin price, a concentrated supplier base led by Bitmain, significant customer concentration, power cost and hosting risks, security and custody risks around digital assets and stablecoins, and ongoing internal control weaknesses over financial reporting. As of December 31, 2025, BitFuFu had 166,613,948 ordinary shares outstanding and had pledged 274 Bitcoins as loan collateral.
Zheng Yeeli Hua reported acquisition or exercise transactions in this Form 4 filing.
Bitfufu Inc. director Zheng Yeeli Hua received a grant of 35,000 Restricted Share Units (RSUs). The award was booked at a price of $0.00 per unit and, after this grant, the reporting person holds 35,000 RSUs directly.
The RSUs are scheduled to vest per annum in two equal installments over a two-year period, starting on July 1, 2026, and are subject to the director’s continued service through each vesting date. The RSUs do not have an expiration date and are settled in Class A Ordinary Shares when vested.
Zheng Yeeli Hua reported acquisition or exercise transactions in this Form 4 filing.
Bitfufu Inc. director Zheng Yeeli Hua received a grant of 35,000 Restricted Share Units (RSUs). The award was booked at a price of $0.00 per unit and, after this grant, the reporting person holds 35,000 RSUs directly.
The RSUs are scheduled to vest per annum in two equal installments over a two-year period, starting on July 1, 2026, and are subject to the director’s continued service through each vesting date. The RSUs do not have an expiration date and are settled in Class A Ordinary Shares when vested.
Cui Joshua Kewei reported acquisition or exercise transactions in this Form 4 filing.
Bitfufu Inc. director Cui Joshua Kewei received a grant of 35,000 Restricted Share Units (RSUs). Each RSU represents one underlying Class A ordinary share. The award was made at a grant price of $0.00 per unit, reflecting compensation rather than a market purchase.
The RSUs vest in two equal annual installments over a two-year period, starting on July 1, 2026, as long as Cui continues to provide service through each vesting date. After this grant, Cui holds 35,000 RSUs directly, and these RSUs have no expiration date.
Cui Joshua Kewei reported acquisition or exercise transactions in this Form 4 filing.
Bitfufu Inc. director Cui Joshua Kewei received a grant of 35,000 Restricted Share Units (RSUs). Each RSU represents one underlying Class A ordinary share. The award was made at a grant price of $0.00 per unit, reflecting compensation rather than a market purchase.
The RSUs vest in two equal annual installments over a two-year period, starting on July 1, 2026, as long as Cui continues to provide service through each vesting date. After this grant, Cui holds 35,000 RSUs directly, and these RSUs have no expiration date.
Zhao Calla reported acquisition or exercise transactions in this Form 4 filing.
Bitfufu Inc. reported that Chief Financial Officer Calla Zhao received a grant of 224,000 Restricted Share Units. Each unit represents the right to receive one Class A ordinary share.
According to the terms, the RSUs vest in four equal annual installments over a four-year period starting on July 1, 2026, as long as the executive continues to provide services through each vesting date. The RSUs have no expiration date, and following this grant Zhao holds 224,000 RSUs directly.
Zhao Calla reported acquisition or exercise transactions in this Form 4 filing.
Bitfufu Inc. reported that Chief Financial Officer Calla Zhao received a grant of 224,000 Restricted Share Units. Each unit represents the right to receive one Class A ordinary share.
According to the terms, the RSUs vest in four equal annual installments over a four-year period starting on July 1, 2026, as long as the executive continues to provide services through each vesting date. The RSUs have no expiration date, and following this grant Zhao holds 224,000 RSUs directly.
Lu Celine reported acquisition or exercise transactions in this Form 4 filing.
Bitfufu Inc. director and Senior Vice President Celine Lu received a grant of 480,000 restricted share units (RSUs) linked to Class A Ordinary Shares. The RSUs vest in four equal annual installments over a four-year period, beginning on July 1, 2026, and are subject to her continued service through each vesting date.
Lu Celine reported acquisition or exercise transactions in this Form 4 filing.
Bitfufu Inc. director and Senior Vice President Celine Lu received a grant of 480,000 restricted share units (RSUs) linked to Class A Ordinary Shares. The RSUs vest in four equal annual installments over a four-year period, beginning on July 1, 2026, and are subject to her continued service through each vesting date.
Liu Huaiyu reported acquisition or exercise transactions in this Form 4 filing.
Bitfufu Inc. director Liu Huaiyu received a grant of 35,000 Restricted Share Units that are settled in Class A Ordinary Shares. The RSUs vest per annum in two equal instalments over a two-year period starting on July 1, 2026, subject to continued service through each vesting date. Following this grant, Liu holds 35,000 RSUs directly, and the units have no stated expiration date.
Liu Huaiyu reported acquisition or exercise transactions in this Form 4 filing.
Bitfufu Inc. director Liu Huaiyu received a grant of 35,000 Restricted Share Units that are settled in Class A Ordinary Shares. The RSUs vest per annum in two equal instalments over a two-year period starting on July 1, 2026, subject to continued service through each vesting date. Following this grant, Liu holds 35,000 RSUs directly, and the units have no stated expiration date.
BitFuFu Inc. reported unaudited Bitcoin production and operational metrics for March 2026. The company produced 214 BTC in March, or 6.9 BTC per day, and held 1,794 BTC as of March 31, 2026 after selling 80 BTC in line with its treasury strategy.
Total hashrate was 25.9 EH/s, including 3.3 EH/s of self-owned capacity and 22.6 EH/s from third-party suppliers and hosting customers. Management noted a modest decline in self-owned hashrate due to disposing of older-generation machines, with plans to refresh capacity using newer, more energy-efficient equipment.
In March, self-mining generated 43 BTC while cloud mining produced 171 BTC. Average fleet efficiency was 17.7 J/TH, and power capacity stood at 457 MW. The company highlighted volatile network difficulty and believes its cloud mining platform can help customers adjust strategies across changing market conditions.
BitFuFu Inc. reported unaudited Bitcoin production and operational metrics for March 2026. The company produced 214 BTC in March, or 6.9 BTC per day, and held 1,794 BTC as of March 31, 2026 after selling 80 BTC in line with its treasury strategy.
Total hashrate was 25.9 EH/s, including 3.3 EH/s of self-owned capacity and 22.6 EH/s from third-party suppliers and hosting customers. Management noted a modest decline in self-owned hashrate due to disposing of older-generation machines, with plans to refresh capacity using newer, more energy-efficient equipment.
In March, self-mining generated 43 BTC while cloud mining produced 171 BTC. Average fleet efficiency was 17.7 J/TH, and power capacity stood at 457 MW. The company highlighted volatile network difficulty and believes its cloud mining platform can help customers adjust strategies across changing market conditions.
Bitfufu Inc. director and Chief Executive Officer Lu Liang (Leo) filed an initial ownership report showing a large indirect stake in the company. The Form 3 indicates beneficial ownership of 135,000,000 Class B Ordinary Shares, held indirectly through Chipring Technology Limited.
Chipring Technology Limited is incorporated in the British Virgin Islands and is wholly owned by Lu Liang (Leo), so these shares are attributed to him as an indirect holding. The filing does not report any new purchase or sale activity, only the existing ownership position.
Bitfufu Inc. director and Chief Executive Officer Lu Liang (Leo) filed an initial ownership report showing a large indirect stake in the company. The Form 3 indicates beneficial ownership of 135,000,000 Class B Ordinary Shares, held indirectly through Chipring Technology Limited.
Chipring Technology Limited is incorporated in the British Virgin Islands and is wholly owned by Lu Liang (Leo), so these shares are attributed to him as an indirect holding. The filing does not report any new purchase or sale activity, only the existing ownership position.
Bitfufu Inc. director Liu Huaiyu filed an initial Form 3, which is a required statement of beneficial ownership for company insiders. This filing does not report any stock purchases, sales, option exercises, or other transactions, and it shows no detailed holdings data in the provided excerpt.
Bitfufu Inc. director Liu Huaiyu filed an initial Form 3, which is a required statement of beneficial ownership for company insiders. This filing does not report any stock purchases, sales, option exercises, or other transactions, and it shows no detailed holdings data in the provided excerpt.
Bitfufu Inc. director Zheng Yeeli Hua has filed an initial insider ownership report on Form 3. This filing establishes Hua’s status as a director and begins formal SEC tracking of any future equity holdings or transactions in Bitfufu Inc. shares. The filing does not list any specific holdings or trades.
Bitfufu Inc. director Zheng Yeeli Hua has filed an initial insider ownership report on Form 3. This filing establishes Hua’s status as a director and begins formal SEC tracking of any future equity holdings or transactions in Bitfufu Inc. shares. The filing does not list any specific holdings or trades.