Core Insights - BitFuFu (NASDAQ: FUFU) has emerged as a significant player in the cryptocurrency mining sector, demonstrating notable growth and an expanding market presence [1] Company Overview - BitFuFu has transitioned from a newly listed mining stock to a recognized entity among established Bitcoin miners [1] Industry Context - The cryptocurrency market continues to attract interest, with companies like BitFuFu capitalizing on the growing demand for Bitcoin mining [1]

BitFuFu Inc. (NASDAQ:FUFU) Q4 2024 Earnings Conference Call March 25, 2025 8:00 AM ET Company Participants Charley Brady - Vice President, Investor Relations. Lu Leo - Chairman and CEO Calla Zhao - Chief Financial Officer Conference Call Participants Operator Good day and thank you for standing by. Welcome to BitFuFu’s Full Year 2024 Earnings Conference Call. All participants are in a listen only mode. Please be advised today’s conference is being recorded. I’d now like to hand the conference over to your f ...

Core Insights - BitFuFu Inc. reported strong financial performance for the year 2024, with total revenue reaching US$463.3 million, a 63.1% increase from US$284.1 million in 2023, driven by growth in both cloud-mining and self-mining operations [7][11] - The company transitioned to a hybrid model combining asset-light operations with ownership of data center assets, securing 164 MW of capacity and aiming for an additional 1 GW by the end of 2026 [3][4] - BitFuFu's cloud mining business saw significant user growth, with nearly 600,000 registered users by the end of 2024, nearly double from the previous year [3][8] Financial Highlights - Total revenue for 2024 was US$463.3 million, up 63.1% from US$284.1 million in 2023 [7][11] - Revenue from cloud-mining solutions was US$271.0 million, a 52.2% increase from US$178.0 million in 2023 [7][12] - Revenue from Bitcoin self-mining operations reached US$157.5 million, a 57.2% increase from US$100.2 million in 2023 [7][13] - Net income surged to US$54.0 million, a 414.3% increase from US$10.5 million in 2023 [7][24] - Adjusted EBITDA was US$117.5 million, reflecting an increase of 181.8% from US$41.7 million in 2023 [7][25] Operational Highlights - Hosting capacity increased to 551 MW as of December 31, 2024, compared to 515 MW in 2023 [8][9] - Total mining capacity rose by 2.6% to 23.5 EH/s as of December 31, 2024 [8][9] - Cloud-mining registered users increased by 94.5% to 591,751 as of December 31, 2024 [8][9] - Bitcoin production from self-mining operations decreased by 29.1% to 2,537 BTCs in 2024 [8][9] - The average cost to mine BTC from self-mining operations was US$47,496 per BTC, compared to US$28,200 per BTC in 2023 [8][10] Strategic Outlook - For 2025, BitFuFu expects mining capacity to reach approximately 33 EH/s and hosting capacity between 650 MW to 800 MW by year-end [4] - The company plans to optimize its cost structure through the acquisition of data centers with competitive electricity pricing and fleet upgrades [4] - BitFuFu remains confident in the long-term value of Bitcoin and aims to enhance value for customers and shareholders [4]

Core Viewpoint - BitFuFu Inc. is set to release its full year financial results for the year ended December 31, 2024, on March 25, 2025, before U.S. markets open [1] Company Overview - BitFuFu Inc. is a global leader in Bitcoin mining and comprehensive mining services, offering one-stop solutions including cloud-mining [3] - The company has received early investment from BITMAIN, a leading digital asset mining hardware manufacturer, and maintains a strategic partnership with BITMAIN in the Bitcoin mining sector [3] Services and Infrastructure - BitFuFu is committed to creating a secure, compliant, and transparent blockchain infrastructure, providing a range of stable and intelligent digital asset mining solutions to a global customer base [4] - The company leverages its expanding global mining facility network and its partnership with BITMAIN to enable efficient mining for institutional customers and digital asset enthusiasts [4]

Core Viewpoint - BitFuFu Inc. has been included in the newly launched Bitwise Bitcoin Standard Corporations ETF, which tracks companies holding at least 1,000 BTC in their corporate treasuries [1][2]. Company Overview - BitFuFu Inc. is recognized as a global leader in Bitcoin mining and comprehensive mining services, offering one-stop solutions including cloud-mining [5][6]. - The company has a strategic partnership with BITMAIN, a leading digital asset mining hardware manufacturer, which supports its operations in the Bitcoin mining sector [5][6]. ETF Inclusion Details - At the launch of the Bitwise Bitcoin Standard Corporations ETF, BitFuFu ranked among the top 10 holdings, representing 4.03% of the fund's assets, with a total of 1,800 BTC held as of February 28, 2025 [3][4]. - The ETF provides investors exposure to firms that have adopted Bitcoin as a strategic reserve asset, ensuring diversified exposure to companies integrating Bitcoin into their financial frameworks [2]. Strategic Vision - The inclusion in the ETF is viewed as a testament to BitFuFu's strategic approach to Bitcoin investment and infrastructure development, reinforcing the company's long-term vision and confidence in Bitcoin as a transformative asset class [4].

Core Viewpoint - BitFuFu Inc. has been included in the newly launched Bitwise Bitcoin Standard Corporations ETF, which tracks companies holding at least 1,000 BTC in their corporate treasuries [1][2]. Company Overview - BitFuFu Inc. is recognized as a global leader in Bitcoin mining and comprehensive mining services, offering one-stop solutions including cloud-mining [5][6]. - The company has a strategic partnership with BITMAIN, a leading digital asset mining hardware manufacturer, which supports its operations in the Bitcoin mining sector [5][6]. ETF Inclusion Details - At the launch of the Bitwise Bitcoin Standard Corporations ETF, BitFuFu ranked among the top 10 holdings, representing 4.03% of the fund's assets, with a total of 1,800 BTC held as of February 28, 2025 [3][4]. - The ETF provides investors exposure to firms that have adopted Bitcoin as a strategic reserve asset, ensuring diversified exposure to companies integrating Bitcoin into their financial frameworks [2]. Strategic Vision - The inclusion in the ETF is viewed as a testament to the company's strategic approach to Bitcoin investment and infrastructure development, reinforcing its long-term vision and confidence in Bitcoin as a transformative asset class [4].

Core Insights - BitFuFu Inc. reported its production and mining operations updates for February 2025, highlighting its growth strategy and confidence in Bitcoin's long-term performance [1][3]. Bitcoin Holdings and Production - As of February 28, 2025, BitFuFu held 1,800 Bitcoins (BTC) and produced a total of 219 BTC, which included 58 BTC from self-mining operations and 161 BTC for cloud-mining customers [6][7]. - The self-mining production decreased by 30% from January 2025, primarily due to miner fleet relocation, while cloud-mining production saw a 19.5% decrease due to the expiration of certain hashrate purchase orders [7]. Hashrate Management - Total hashrate under management was reported at 20.6 EH/s, with self-owned hashrate at 3.1 EH/s and cloud-mining and co-hosting at 17.5 EH/s as of February 28, 2025 [7]. - The company aims to reach a secured power capacity target of 1 GW by 2026, having added an additional 51 MW this month, bringing the total secured power capacity to 164 MW [7]. Strategic Expansion - BitFuFu acquired majority ownership in a 51 MW Bitcoin mining facility in Oklahoma, with plans to deploy S21 series miners and complete energization by March 2025. The cash cost to produce one Bitcoin at this site is approximately $18,000, excluding depreciation [6][7]. - The cloud mining platform experienced significant growth, with registered users increasing from 500,000 to over 600,000 in less than three months [6][11]. Upcoming Conferences & Events - BitFuFu will participate in the 37th Annual ROTH Conference in Dana Point, California, from March 16-18, 2025, and sponsor the FUTU Expo 2025 in Hong Kong on March 21-22, 2025 [11].

Core Insights - BitFuFu Inc. has achieved a significant milestone by surpassing 600,000 registered users on its Cloud Mining platform, reflecting rapid growth in user adoption [1][2] - The company experienced a growth from 500,000 to 600,000 users in less than three months, compared to over five months for the previous increase from 400,000 to 500,000 users [2] - To celebrate this achievement, BitFuFu has launched a special discount coupon campaign for active users, offering tiered discounts based on cloud mining hashrate purchases [2] Company Overview - BitFuFu Inc. is recognized as a global leader in Bitcoin mining and comprehensive mining services, providing one-stop solutions including cloud mining [4] - The company has received early investment from BITMAIN, a leading digital asset mining hardware manufacturer, and maintains a strategic partnership with BITMAIN in the mining services sector [4][5] - BitFuFu is committed to fostering a secure, compliant, and transparent blockchain infrastructure, offering stable and intelligent digital asset mining solutions to a global customer base [5]

Core Viewpoint - BitFuFu Inc. has acquired a majority ownership in a 51-megawatt operational Bitcoin mining data center in Oklahoma for $400,000 per MW, funded through cash and common stock from its balance sheet [1][9]. Strategic Benefits of the Acquisition - The acquired data center has been operational since 2022, with over 95% uptime and a competitive net electricity cost of approximately $0.03 per kWh, allowing BitFuFu to mine Bitcoin at a cash cost as low as $18,000 per Bitcoin, excluding depreciation [2][9]. - The facility includes a fully integrated operations center, providing a foundation for a state-of-the-art repair center to enhance mining efficiency [3]. - The site benefits from cost-effective energy delivery and operates within the Southwest Power Pool (SPP), a stable and regulated energy market, supported by a crypto-friendly regulatory environment in Oklahoma [4]. Scaling Hashrate & Hosting Services - BitFuFu plans to deploy AntMiner S21 series miners at the site, which will increase its total managed hashrate scale by over 3 EH/s, with potential for further expansion pending utility company studies [5]. - The company has executed a framework agreement to purchase up to 80,000 S-series miners from BITMAIN in Q4 2024, supporting its 1GW Global Capacity Expansion Plan [6]. Company Overview - BitFuFu Inc. is a global leader in Bitcoin mining and comprehensive mining services, providing one-stop solutions including cloud mining, and has a strategic partnership with BITMAIN [7][8].

Core Viewpoint - BitFuFu Inc. reported strong demand for its cloud-mining services driven by resilient Bitcoin prices, while actively managing its mining capacity to ensure stable cash flow and support strategic expansion plans [3]. Bitcoin Production and Holdings - In January 2025, BitFuFu produced 83 Bitcoins from self-mining operations, a 25% decrease from December 2024, and 200 Bitcoins for cloud-mining customers [7][8]. - The company held a total of 1,742 Bitcoins as of January 31, 2025, which includes 633 Bitcoins pledged for loans and miner procurement payables [8][9]. Strategic Expansion - BitFuFu expects to receive 2,000 units of S21XP miners in March 2025, adding 0.54 EH/s of mining capacity [7]. - The company signed a letter of intent to acquire a 51-megawatt Bitcoin mining facility in Oklahoma, U.S., with an average power cost of $0.03/kWh [7][8]. - The total hashrate under management reached 20.2 EH/s, with self-owned hashrate at 3.1 EH/s and cloud-mining and co-hosting at 17.1 EH/s [8]. Power and Facilities - BitFuFu has a total hosting capacity of 424 MW, including two facilities with a combined 113 MW power supply [8]. - The company has secured 80 MW in Ethiopia at a cost of $0.036/kWh and 33 MW in the U.S. at $0.042/kWh [8]. Mining Services and Growth - The number of registered users for cloud-mining services reached 598,785 as of January 31, 2025 [8]. - BitFuFu launched BitFuFuOS, a new software service that can optimize mining operations and potentially increase earnings by up to 20% [8]. Upcoming Events - BitFuFu will participate in the Alliance Global Partners Virtual Technology Conference on February 12, 2025, and the 37th Annual ROTH Conference from March 16-18, 2025 [6][9].