Singapore, Sept. 30, 2024 (GLOBE NEWSWIRE) -- BitFuFu, Inc. (NASDAQ: FUFU, FUFU.WS) ("BitFuFu” or the "Company”) a fast-growing digital asset mining service and world-leading cloud-mining service provider, today recapped its participation in the H.C. Wainwright 26th Annual Global Investment Conference held in early September in New York. During the conference, Ms. Calla Zhao, BitFuFu's Chief Financial Officer, delivered a comprehensive presentation outlining the Company's strategic initiatives and growth prospects, and engaged in one-on-one meetings with institutional investors.
BitFuFu's Innovative Cloud-Mining Solutions
One of the unique differentiators of BitFuFu's business model is its innovative cloud-mining solutions. BitFuFu stands out from many of its peers with its proprietary platform that allows users to mine Bitcoin, eliminating traditional barriers to entry and the need for costly hardware or technical expertise. This accessible solution has attracted over 395,000 registered users, including both individual and institutional clients.
BitFuFu's cloud-mining solutions offer key benefits such as flexibility and cost-effectiveness, allowing customers to mine with minimal upfront costs an avoid issues such as hardware depreciation. This innovative approach uniquely positions BitFuFu in the mining sector.
Strategic Partnerships Fueling Growth
BitFuFu's rapid growth is being fueled by its strategic partnerships with industry leaders such as BITMAIN and Antpool. These partnerships strengthen its reputation as a trusted player in the mining industry and enhance its competitive advantages with improved operational efficiencies and a reliable and steady pipeline of mining rigs. As of June 30, 2024, BitFuFu manages over 522 MW of hosting capacity across 25 sites on three continents, with an average fleet efficiency of 21.1 J/TH.
Financial Performance Reflects Market Confidence
BitFuFu's financial performance over the past three years reflects its robust and growing position in the market. The Company recorded a three-year revenue CAGR of 66% and an adjusted EBITDA CAGR of 167%. In the first half of 2024, BitFuFu reported total revenues of $273.8 million, a 104% year-over-year increase. This growth highlights the effectiveness of BitFuFu's strategies and the strong market demand for its services.
Looking Forward: Opportunities in a Rapidly Changing Landscape
As the digital asset industry continues to evolve, BitFuFu is committed to scaling its operations and exploring new business opportunities. The Company has grown total mining capacity under management to 24.7 EH/s as of June 30, 2024, and is actively assessing new mining facilities globally to begin the transition from an asset-light strategy to one that manages a diverse and robust portfolio of Bitcoin mining infrastructure. This strategic focus on cloud mining, self-mining, and hosting services ensures that BitFuFu has the flexibility to adapt to all market cycles.
As the Company looks ahead, it remains well-equipped to meet the demands of a rapidly changing market, leveraging its innovative technology, strong partnerships, and robust financial foundation to seize new opportunities.
About BitFuFu Inc.
BitFuFu is a fast-growing digital asset mining service and world-leading cloud-mining service provider. BitFuFu received early investment from Bitmain, a world-leading digital asset mining hardware manufacturer, and remains Bitmain's sole strategic partner in the cloud mining space.
BitFuFu is dedicated to fostering a secure, compliant, and transparent blockchain infrastructure, providing a variety of stable and intelligent digital asset mining solutions to a global customer base. Leveraging its expanding global mining facility network and strategic partnership with Bitmain, BitFuFu enables institutional customers and digital asset enthusiasts to mine digital assets efficiently.
For more information, please visit https://ir.bitfufu.com/.
Forward-Looking Statements
This press release includes "forward-looking statements” within the meaning of the "safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate,” "plan,” "project,” "forecast,” "intend,” "will,” "expect,” "anticipate,” "believe,” "seek,” "target” or other similar expressions that predict or indicate future events or trends. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of BitFuFu's management and are not predictions of actual performance. These statements involve risks, uncertainties and other factors that may cause BitFuFu's actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. All information provided in this press release is as of the date of this press release and the Company does not undertake any duty to update such information, except as required under applicable law.
For investor and media inquiries, please contact:
BitFuFu Investor Relations
Charley Brady
Vice President, Investor Relations
Christensen Advisory
