BitFuFu Inches Closer to Public Debut with F-4 Effectiveness

Bitmain-affiliated bitcoin mining firm BitFuFu is making progress on the merger with a special-purpose acquisition company (SPAC) to go public in the U.S.

The company filed an F-4 with the SEC on Dec. 31 to register its securities for the SPAC merger transaction as a foreign private entity. On Wednesday, the filing was declared effective by the SEC.

BitFuFu noted in the F-4 filing that it intends to list on the Nasdaq exchange under the ticker “FUFU” after completing the business combination with the SPAC, Arisz Acquisition Corp.

The F-4 form being declared effective by the SEC is a key step for BitFuFu to consummate the merger transaction and subsequent listing.

Arisz has also set a date for a special shareholder meeting on February 20, where stockholders of the SPAC will vote on the business combination proposal with BitFuFu.

As detailed in the F-4 filing, BitFuFu made a revenue of $134 million in the first half of 2023 from proprietary mining and cloud mining, which was close to what Marathon made during the period.

BitFuFu mined 2,253 BTC and had 15.2 EH/s of operating hashrate as of June 30 but nearly 80% of the hashing power came from miners leased from Bitmain.

Notably, Bitmain also owns 5% of BitFuFu’s equity and is a material supplier that BitFuFu relies on since nearly $90 million of BitFuFu’s revenue during the first half of 2023 went to Bitmain as a cost of revenue associated with the miner leasing and hosting fees.