BitFuFu is a publicly traded cryptocurrency mining company listed on the Nasdaq stock exchange under the ticker symbol FUFU. ^{[1] [2]} The company provides bitcoin mining infrastructure and services, including cloud hashrate rental, miner hosting, hardware sales, and self-mining operations. ^[2]​

Overview

BitFuFu operates as a comprehensive Bitcoin mining platform with a stated mission to make the Bitcoin network more efficient and accessible globally through its infrastructure and services. ^[1]

As a public company, it manages its own self-mining operations to accumulate Bitcoin for its corporate treasury, while also offering a suite of services to both individual and institutional clients. These services are divided into three core business segments: cloud mining for individuals, ASIC hardware acquisition combined with full-service hosting for partners, and its own large-scale self-mining activities. ^[2]​

As of early 2026, the company reported managing a total hashrate of 25.9 EH/s across its operations, with a total hosting capacity of 457 MW. It also reported holding 1,794 BTC in its corporate treasury and having a registered user base of over 675,000 individuals. ^[1]

BitFuFu has been actively expanding its physical infrastructure, securing power capacity and acquiring majority stakes in mining facilities in the United States and Ethiopia. a goal was set to add 1 GW of secured power capacity by the end of 2026. ^[2]​

History

BitFuFu was founded in December 2020 by Leo Lu, a former Business Director at the mining hardware manufacturer BITMAIN. ^[2] The company quickly established a strategic relationship with its founder's former employer.

In March 2021, BitFuFu formed a strategic partnership with BITMAIN and concurrently began a joint mining operation with ANTPOOL, one of the largest Bitcoin mining pools. This was followed by a strategic investment from BITMAIN in July 2021, solidifying the close ties between the two entities. ^[2]​

In January 2022, BitFuFu announced its intention to go public through a merger with a Special Purpose Acquisition Company (SPAC). ^[2] Later that year, in December 2022, the company launched a cloud mining service for the Antminer S19 XP, a high-efficiency miner model. ^[2]​

The company successfully completed its public listing on the Nasdaq stock exchange in March 2024, trading under the ticker symbol FUFU. ^[2] Following its public debut, BitFuFu accelerated its infrastructure expansion. In October 2024, it signed an agreement to acquire a majority stake in an 80 MW mining facility located in Ethiopia. Two months later, in December 2024, the company signed a framework agreement with BITMAIN for the potential purchase of up to 80,000 new mining machines. ^[2]​

The expansion continued into 2025. In January, BitFuFu launched its proprietary miner firmware, BitFuFuOS. ^[2]

The following month, in February 2025, it acquired a majority stake in a 51 MW Bitcoin mining facility in Oklahoma, USA, increasing its secured power capacity to 164 MW at the time. ^[2]​

Business Model and Services

BitFuFu's operations are structured around three primary business divisions that cater to different segments of the cryptocurrency mining market. These include cloud services for retail users, hosting solutions for larger clients, and proprietary mining for corporate growth. ^[2]​

Cloud Mining

The company's flagship offering is its cloud mining service, which allows users to rent hashrate from BitFuFu's large-scale mining infrastructure without needing to purchase or manage physical hardware. Customers purchase hashrate contracts, and the company states that mining operations can begin within 10 minutes of an order being placed.

The mining rewards, paid in Bitcoin (BTC), are distributed daily directly to the user's designated wallet address. This model is designed to lower the barrier to entry for individuals interested in participating in Bitcoin mining. ^[1]​

Self-Mining Operations

BitFuFu allocates a significant portion of its infrastructure to self-mining. The company uses its own and co-operated mining facilities to mine Bitcoin for its corporate account. The Bitcoin generated from these activities is added to the company's corporate treasury. This strategy allows the company to directly benefit from the appreciation of Bitcoin's value and build a substantial asset base on its balance sheet. ^[2]​

ASIC Acquisition and Hosting Services

For larger-scale partners and institutional clients, BitFuFu provides an end-to-end service that includes the sourcing and acquisition of Application-Specific Integrated Circuit (ASIC) miners, particularly next-generation models.

After acquisition, the company offers full-service hosting, which involves deploying the hardware in its mining facilities and managing all aspects of daily operations and maintenance. This B2B service provides a turnkey solution for entities looking to invest in Bitcoin mining at scale without building their own infrastructure. ^[2]​

Miner Hardware Sales

In addition to its service-based offerings, BitFuFu engages in the direct sale of mining hardware. The company provides two options for purchasers:

• Miner Purchase with Hosting: Clients can buy new or used mining rigs directly from BitFuFu and opt to have them immediately hosted and operated at one of the company's facilities.
• Miner Purchase Only: Clients also have the choice to purchase mining hardware without an accompanying hosting contract, allowing them to take physical delivery of the machines for deployment in their own or a third-party facility.

These hardware sales provide an additional revenue stream and leverage the company's strategic relationship with manufacturers like BITMAIN. ^[1]​

Technology and Infrastructure

BitFuFu develops proprietary software and acquires physical infrastructure to support and optimize its mining operations.

Proprietary Software

• BitFuFuOS: Launched in January 2025, BitFuFuOS is a proprietary firmware developed for cryptocurrency miners. The company claims this optimized software can increase a miner's hashrate by approximately 12% while preserving its original energy efficiency, measured in joules per terahash (J/T). ^{[1] [2]}
• BitFuFuPool: The company operates its own Bitcoin mining pool, BitFuFuPool. By directing hashrate to its proprietary pool, BitFuFu can potentially optimize payouts and reduce operational costs. The company advertises a competitive fee structure for the pool, with rates as low as 0%. ^[1]

Mining Facilities

BitFuFu has actively pursued a strategy of acquiring and securing majority stakes in mining facilities to expand its operational footprint. As of late 2024 and early 2025, the company had made significant acquisitions:

• Ethiopia: An agreement was signed in October 2024 for a majority stake in an 80 MW mining facility.
• Oklahoma, USA: In February 2025, the company acquired a majority stake in a 51 MW facility.

These acquisitions are part of a broader strategy, with the company stating a goal to add a total of 1 GW of secured power capacity by the end of 2026. ^[2]​

Other Services

• BITMAIN Coupon Marketplace: BitFuFu operates a marketplace for the purchase and sale of certified coupons from the hardware manufacturer BITMAIN. This platform suggests a commercial arrangement that allows BitFuFu to facilitate the secondary market for discounts on BITMAIN hardware. ^[1]
• Mobile Application: To manage its services, the company provides a dedicated mobile app. The application allows users to place orders, monitor mining activities, and manage their accounts. It is available for download on the Apple App Store and Google Play Store, as well as a direct Android APK from the company's website. ^[1]

Strategic Partnerships

BitFuFu's growth and market position are supported by key strategic partnerships within the mining industry.

BITMAIN

The relationship with BITMAIN is BitFuFu's most significant partnership, encompassing investment, hardware supply, and operational collaboration. The founder and CEO of BitFuFu, Leo Lu, is a former director at BITMAIN, where he was involved in creating BITMAIN's first cloud mining platform. Key milestones in the relationship include a formal strategic partnership in March 2021, a strategic investment from BITMAIN in July 2021, and a framework agreement for the purchase of up to 80,000 miners in December 2024. This deep integration provides BitFuFu with preferential access to hardware and industry expertise. ^[2]​

ANTPOOL

In March 2021, BitFuFu entered into a joint operation agreement with ANTPOOL, a prominent mining pool closely associated with BITMAIN. This partnership allows for operational synergies and enhances the efficiency of the hashrate managed by BitFuFu. ^[2]​

Leadership

• Leo Lu (Founder & CEO): Leo Lu founded BitFuFu in December 2020 and serves as its Chief Executive Officer. Prior to establishing the company, he was a Business Director at BITMAIN, where he is credited with developing their initial cloud mining platform. His background and connections at BITMAIN have been instrumental in shaping BitFuFu's strategic direction and partnerships. ^[2]
• Calla Zhao (CFO): Calla Zhao was appointed as BitFuFu's Chief Financial Officer in May 2024. She first joined the company in September 2021 as its financial controller. Zhao is a Certified Public Accountant (CPA) and has prior professional experience working at the professional services firm KPMG. ^[2]