Singapore, Nov. 08, 2024 (GLOBE NEWSWIRE) -- BitFuFu Inc., (NASDAQ: FUFU) (“BitFuFu” or the “Company) a fast-growing digital asset mining service and world-leading cloud-mining service provider, today announced that it has been awarded Best Technology Solution Provider for Digital Assets – Cloud. This prestigious annual award recognizes the financial services industry’s most innovative and influential companies, honoring those who set new standards in technology and digital asset management worldwide. In re ...

SINGAPORE, Nov. 05, 2024 (GLOBE NEWSWIRE) -- BitFuFu Inc. (NASDAQ: FUFU) (“BitFuFu” or the “Company), a fast-growing digital asset mining service and world-leading cloud-mining service provider, today reported its unaudited financial and operational results for the quarter ended September 30, 2024. Third Quarter 2024 Operational Highlights Hosting capacity of 556 MW diversified across 17 sites on three continents, compared with 339 MW across 16 sites on two continents during the same period of 2023.Total mi ...

SINGAPORE, Oct. 30, 2024 (GLOBE NEWSWIRE) -- BitFuFu Inc., ("BitFuFu" or "the Company") (NASDAQ: FUFU), a fast-growing digital asset mining service and world-leading cloud-mining service provider, today announced that it will report its unaudited financial results for the third quarter ended September 30, 2024, before U.S. markets open on November 5, 2024. The Company's management team will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Tuesday, November 5, 2024 (9:00 P.M. Singapore Time ...

SINGAPORE, Oct. 22, 2024 (GLOBE NEWSWIRE) -- BitFuFu Inc., (“BitFuFu” or “the Company”) (NASDAQ: FUFU), a fast-growing digital asset mining service and world-leading cloud-mining service provider, today announced it has entered into a definitive agreement to acquire a majority stake in an 80-megawatt (MW) Bitcoin mining facility in Ethiopia. This transaction marks the start of the Company’s transition from an asset-light strategy to one that manages a diverse and robust portfolio of Bitcoin mining infrastru ...

SINGAPORE, Sept. 12, 2024 (GLOBE NEWSWIRE) -- BitFuFu Inc., ("BitFuFu" or "the Company") (NASDAQ: FUFU), a fast-growing digital asset mining service and world-leading cloud-mining service provider, today announced that it will participate in TOKEN2049 Singapore, the premier crypto event taking place on September 18-19, 2024. TOKEN2049 is a global conference series, where the crypto ecosystem's decision-makers connect to exchange ideas, network, and shape the industry. TOKEN2049 Singapore is expected to welc ...

Singapore, Sept. 06, 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 announced that it will attend the following investor conferences in September 2024: H.C. Wainwright 26th Annual Global Investment Conference On September 9-11, 2024, BitFuFu will participate in the H.C. Wainwright 26th Annual Global Investment Conference in New York. Ms. Calla Zhao, Chief Financial ...

SINGAPORE, Aug. 20, 2024 (GLOBE NEWSWIRE) -- BitFuFu Inc., (NASDAQ: FUFU) ("BitFuFu" or the "Company") a fast-growing digital asset mining service and world-leading cloud-mining service provider, today reported its unaudited financial and operational results for the quarter ended June 30, 2024. Second Quarter 2024 Operational Highlights Hosting capacity of 522 MW diversified across 25 sites on three continents, compared with 374 MW across 17 sites on three continents during the same period of 2023. Total mi ...

Core Viewpoint - BitFuFu Inc. is set to report its unaudited financial results for Q2 2024 on August 20, 2024, before U.S. markets open [1] Group 1: Financial Reporting - The earnings conference call will take place at 8:00 A.M. U.S. Eastern Time on August 20, 2024 [2] - Participants must register in advance to join the conference call, receiving a confirmation email with dial-in numbers and a unique access PIN [2] Group 2: Company Overview - BitFuFu is recognized as a fast-growing digital asset mining service and a leading cloud-mining service provider [4] - The company has received early investment from Bitmain and remains its sole strategic partner in the cloud mining sector [4] - BitFuFu aims to provide secure, compliant, and transparent blockchain infrastructure, offering various digital asset mining solutions to a global customer base [5]

SINGAPORE, May 20, 2024 (GLOBE NEWSWIRE) – BitFuFu Inc., ("BitFuFu" or "the Company") (NASDAQ: FUFU), a fast- growing digital asset mining service and world-leading cloud-mining service provider, today announced its unaudited financial results for the first quarter ended March 31, 2024. Exhibit 99.1 BitFuFu Inc. Reports Unaudited First Quarter 2024 Financial Results First Quarter 2024 Operational Highlights | | As of March 31, | | | --- | --- | --- | | | 2024 | 2023 | | Metric | | | | Hosting capacity (MW) ...

Revenue and Financial Performance - Revenue increased from US$103.0 million in 2021 to US$198.2 million in 2022, and further to US$284.1 million in 2023, reflecting significant growth[35] - Cost of revenue incurred was US$94.0 million, US$162.0 million, and US$271.4 million in 2021, 2022, and 2023, respectively, with gross profit margins of 8.8%, 18.3%, and 4.5%[61] - Net profit realized was US$4.9 million, US$2.4 million, and US$10.5 million in 2021, 2022, and 2023, respectively[61] Digital Asset Market Volatility - The price of Bitcoin fluctuated between approximately US$30,000 to US$68,000 in 2021, US$16,000 to US$46,000 in 2022, and US$17,000 to US$44,000 in 2023, indicating high volatility in the digital asset market[39] - The company recorded a significant drop in the price of Bitcoin, which adversely affected the demand for its cloud-mining services and profitability[39] - The price of Bitcoin has shown significant volatility, ranging from approximately US$30,000 to US$68,000 in 2021, and from approximately US$17,000 to US$44,000 in 2023[131] Impairment and Losses - Impairment losses on digital assets were recorded at US$12.9 million in 2022 and US$7.0 million in 2023 due to significant drops in Bitcoin prices[41] - The company recorded an impairment loss of $9.8 million on assets held by FTX in 2022 due to the bankruptcy of the exchange[97] - The company has suspended transactions with FTX following its bankruptcy filing, where it had deposited $2.1 million and 480 Bitcoins[97] Customer and Supplier Risks - The company faces risks related to customer concentration and reliance on a limited number of suppliers for critical services and products[30] - Revenue from the largest customer, Chainup Technic Limited, accounted for 30%, 17%, and 15% of total revenue in 2021, 2022, and 2023, respectively, while sales to the top three customers accounted for 51%, 31%, and 26%[53] Regulatory and Compliance Risks - The company is subject to various regulatory risks that could impact its operations and market position in the digital asset industry[33] - The company must comply with various regulatory requirements, and failure to obtain necessary approvals could materially affect operations and financial results[88] - The company may encounter compliance issues with regulatory bodies, potentially leading to legal proceedings and adverse effects on operations[99] - Regulatory scrutiny on digital assets has intensified, particularly following the bankruptcy of FTX and other companies, leading to increased compliance costs and operational adjustments[149] Operational Challenges - The company faces risks associated with global expansion, including high investment costs and competition from established players[62] - The company is capital intensive, and failure to secure necessary capital may delay or limit expansion efforts, impacting financial results[72] - The company requires additional facilities to increase capacity for mining equipment, which may lead to increased operational costs and challenges in maintaining profit margins[74] Cybersecurity and Asset Protection - The company relies on third-party custodial wallets for safeguarding customer digital assets, which may not be adequately protected against theft[92] - The company may face significant costs related to cybersecurity threats, which could disrupt operations and adversely affect its reputation and financial results[80] - The company faces risks associated with the loss or destruction of private keys, which could result in irretrievable loss of digital assets[95] Market and Competitive Landscape - Competition in the digital asset industry is expected to intensify, with existing and new competitors introducing new products and enhancing services[46] - The digital asset industry is characterized by rapid technological evolution and constant changes in customer demands, which the company must navigate to remain competitive[37] Environmental and Economic Factors - Concerns about greenhouse gas emissions may lead to environmental taxes or penalties, impacting the company's financial condition and results of operations[124] - The company is vulnerable to global economic downturns, which could negatively impact the prices of digital assets and overall business performance[77] Shareholder and Corporate Governance - The company may issue additional Ordinary Shares without shareholder approval, which could dilute existing ownership and depress share price[199] - The board of directors has complete discretion regarding dividend distribution, with no guarantee of share price appreciation or avoidance of decline[208] - Shareholders have limited rights to inspect corporate records and accounts under Cayman Islands law[219] Future Outlook and Strategic Considerations - The company may need to adjust its pricing strategy in response to fluctuations in digital asset prices and market demand[40] - Future acquisitions or strategic alliances may disrupt operations and increase expenses, with uncertain outcomes regarding their success and integration[79] - The difficulty of digital asset mining is expected to increase with the supply of mining equipment, which could negatively affect the economic returns of mining activities and demand for the company's services[126]