▶ 这家数字资产挖矿服务商正受益于最新一轮加密货币热潮，同时计划通过加强自营挖矿业务提 升盈利能力 BitFuFu （FUFU.US）正迎来高光时刻，且毫无安于现状之态。 在加密货币最新一轮复苏浪潮中——比特币价格过去六个月涨幅超过30%——这家数字资产挖矿服务商正 经历利润飙升。但BitFuFu并未止步于此，正快速拓展自营加密挖矿业务。若当前牛市持续，此举将带来丰 厚回报，尽管行情能延续多久尚难预料。 根据上周二发布的最新年报，BitFuFu去年营收同比增长63%至4.633亿美元，净利润飙升五倍多至5,400万美 元。最主要的利好来自于加密货币在长期低迷后开启牛市行情，推动因素还包括比特币新供应量减半事 件，以及特朗普赢得美国总统大选后已显现出对数字资产有利的政策迹象。而去年末比特币价格首次突破 10万美元大关，加密货币市场狂热情绪也达到了新顶点。 在这样的背景下，BitFuFu利润激增并不令人意外，因为加密货币服务提供商的命运与虚拟资产市场波动紧 密相连。该公司还拥有自营比特币挖矿业务，意味着比特币价格上涨可直接转化为其营收增长。因此， BitFuFu去年比特币挖矿业务收入增长57%至1.575亿美元， ...

Core Viewpoint - BitFuFu Inc. (FUFU) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3][10] Earnings Estimates and Stock Price Movement - The Zacks rating system is effective for individual investors as it focuses on changes in earnings estimates, which are closely correlated with near-term stock price movements [2][4] - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling pressure that affects stock prices [4][5] Company Performance Indicators - BitFuFu Inc. is expected to earn $0.24 per share for the fiscal year ending December 2025, reflecting a year-over-year decline of 29.4% [8] - Over the past three months, the Zacks Consensus Estimate for BitFuFu Inc. has increased by 50%, indicating a positive trend in earnings estimates [8][10] Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7] - Only the top 5% of Zacks-covered stocks receive a 'Strong Buy' rating, highlighting their superior earnings estimate revision features [9][10]

BitFuFu Inc. (NASDAQ: FUFU ), a Singapore-based global leader in Bitcoin mining, has recently released its full-year financial results for 2024. The company was established in 2020 and has been showing substantial sales growth since then. It received early investmentA research analyst and a freelance writer looking for value investment opportunities. I have several years of investing experience. I am mostly interested in writing about bargain stocks of large companies. My interest is not limited to American ...

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]

Financial Data and Key Metrics Changes - Total revenue for 2024 was $463.3 million, representing a 63.1% increase from $284.1 million in 2023 [31] - Net income for 2024 was $54 million, with adjusted EBITDA reaching $117.5 million, more than tripling from $41.7 million in 2023 [11][46] - The compound annual growth rate of revenue and adjusted EBITDA from 2021 to 2024 was 65% and 177% respectively [11] Business Line Data and Key Metrics Changes - Cloud mining revenue was $271 million in 2024, up 52.2% year-over-year, accounting for approximately 59% of total revenue [32] - Self-mining operations generated $51.1 million in revenue, a 57.2% increase compared to 2023, driven by a 77.2% increase in average hashrate [35] - Revenue from the sale of mining machines was $30.5 million, marking a return to this line of business after being paused in 2023 [36] Market Data and Key Metrics Changes - The average price of Bitcoin increased by 128.4% year-over-year, impacting revenue positively despite a 29% decrease in Bitcoin production [35] - The company’s total mining capacity under management reached 23.5 EH/s by the end of 2024, up from 22.9 EH/s at the end of 2023 [12] Company Strategy and Development Direction - The company is transitioning to a model that includes owning data center assets, aiming to reduce mining hosting costs and enhance profitability [14][19] - A strategic focus on vertical integration is being pursued, with plans to acquire or build data centers to optimize cost structures [14] - The company aims to expand its secured power capacity to 1 GW over the next two years, with a focus on North America and low-cost power sites [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive continued growth and shareholder value, expecting mining capacity to reach approximately 33 EH/s by the end of 2025 [28] - The company remains bullish on Bitcoin and plans to maintain a majority of its Bitcoin holdings while strategically managing sales to cover operational costs [45] Other Important Information - The company reported a strong liquidity position with $235.5 million in cash, cash equivalents, and digital assets as of the end of 2024 [47] - A two-year master loan agreement with ANTPOOL was established, granting access to up to $100 million in capital [48] Q&A Session Summary - No Q&A session was conducted during the call, but participants were encouraged to email questions to the investor relations team for responses [6]

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].