March 2026 Disclaimer NASDAQ: FUFU This presentation does not constitute an offer to sell or issue or solicitation of an offer to buy or acquire securities of BitFuFu Inc. (the "Company") in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to ...

Financial Data and Key Metrics Changes - For the full year 2025, the company generated total revenue of $475.6 million, an increase from $463.3 million in 2024, primarily driven by growth in cloud mining solutions, mining equipment sales, and hosting services [17][18] - The company recorded a net loss of $57.4 million in 2025, compared to a net income of $54 million in 2024, attributed to a larger non-cash impairment loss on mining equipment and increased unrealized fair value losses [24][25] - Adjusted EBITDA for the full year was $8.3 million, indicating positive operational performance despite the net loss [25] Business Line Data and Key Metrics Changes - Cloud mining business generated a record $350.6 million in 2025, up over 29% from $271 million in 2024, accounting for nearly 74% of total revenue [5][18] - Self-mining revenue decreased to $63.1 million in 2025 from $157.5 million in 2024, representing about 13% of total revenue compared to 34% in 2024 [19] - Mining equipment sales increased by 76.4% year-over-year to $53.7 million, driven by strong demand for the S21 series [23] Market Data and Key Metrics Changes - The company ended 2025 with 1,778 Bitcoins, an increase from 1,720 Bitcoins at the end of 2024, and continued to build its Bitcoin treasury into 2026, reaching 1,830 Bitcoins by February 28, 2026 [12][26] - The average cash cost to mine one Bitcoin was $77,573 in 2025, reflecting a blended cost structure across self-mining operations [20] Company Strategy and Development Direction - The company focuses on a hybrid model of cloud mining and self-mining, aiming to balance upside potential and operational resilience [9][10] - Strategic priorities for 2026 include scaling cloud mining, expanding managed capacity, improving reliability through the Aladdin system, optimizing capital allocation, and building the Bitcoin treasury [16][27] - The company aims to evaluate opportunities for expanding owned capacity, particularly in North America and the Middle East, while maintaining disciplined capital allocation [26][27] Management's Comments on Operating Environment and Future Outlook - The cryptocurrency industry faced challenges in 2025, particularly for mining enterprises, due to Bitcoin price volatility, which created cash flow pressures for many participants [4][5] - The management believes that the current market environment presents opportunities for growth, particularly in acquiring infrastructure and expanding customer bases during market dips [15][16] - The company maintains a conservative debt profile and liquidity management strategy to navigate through market cycles [12][27] Other Important Information - The company successfully onboarded additional suppliers and diversified its hash rate supply to mitigate risks associated with supplier concentration [7] - The net dollar retention rate was 100% in 2025, indicating strong customer loyalty despite market fluctuations [11] Q&A Session Summary Question: Why are some customers willing to pay a premium for cloud mining services instead of buying Bitcoin directly? - Customers benefit from dollar cost averaging and cost visibility, allowing systematic exposure to Bitcoin over time [27][28] - Financial leverage through installment payments enables customers to invest more in hash rate rather than upfront Bitcoin purchases [28] - Cloud mining offers dynamic output based on network conditions, providing potential for higher returns compared to direct purchases [28][29] - Institutional customers prefer cloud mining for operational revenue recognition and compliance with stringent regulations [29][30]

Core Insights - BitFuFu Inc. has achieved a significant milestone with its private-label Bitcoin mining pool, BitFuFuPool, surpassing 20 exahashes per second (EH/s) in hashrate, ranking it among the top 11 largest Bitcoin mining pools globally [1][4][5] Company Overview - BitFuFu Inc. is recognized as a world-leading Bitcoin miner and innovator in mining services, focusing on empowering the global Bitcoin network through its advanced cloud mining platform and rapidly scaling infrastructure [10] BitFuFuPool Performance - BitFuFuPool's current hashrate is 20.86 EH/s, contributing to a theoretical production of approximately 10 BTC per day, valued at around $1.18 million based on current market prices [2][4] - The pool operates under a Full Pay-Per-Share (FPPS) reward model, ensuring miners receive fixed payouts for their contributed hashrate, regardless of block mining success [6] Technological Advancements - The pool utilizes cutting-edge technologies such as BitFuFuOS and the Aladdin management system, which enhance mining efficiency by optimizing hashrate allocation based on real-time network conditions [8] - BitFuFuPool offers a seamless experience with features like real-time performance metrics and automatic daily Bitcoin payouts, supported by a distributed infrastructure capable of connecting millions of mining machines [7] Growth and Infrastructure - As of June 30, 2025, BitFuFu managed a total hashrate of 36.2 EH/s, with a power capacity of 728 MW and holding 1,792 BTC, indicating robust growth and operational capacity [9]

Core Viewpoint - BitFuFu Inc. is committed to building a sustainable and energy-efficient Bitcoin mining operation, focusing on renewable energy and innovative technologies to enhance mining efficiency throughout 2025 [1][2]. Company Initiatives - Strategic acquisitions and infrastructure developments over the past nine months have demonstrated how sustainable Bitcoin mining can scale effectively by utilizing renewable energy resources and improving miner energy efficiency through advanced software technology [2]. - The company aims to secure 1 GW of power by the end of 2026 through acquisitions and greenfield developments, which will enhance cost control and operational efficiency in a post-halving environment [2]. Renewable Energy Utilization - BitFuFu acquired a majority stake in an 80 MW Bitcoin mining facility in Ethiopia, leveraging the country's hydropower resources for sustainable energy production [5]. - The company is also engaging in flared gas mining, capturing gas that would otherwise be wasted at oil drilling sites to generate electricity for Bitcoin mining [5]. Technological Innovations - BitFuFuOS, launched in January, allows users to customize operational modes for their miners based on temperature, power availability, and market conditions, optimizing efficiency and reducing energy consumption [5].

Core Insights - BitFuFu Inc. reported strong operational progress in April 2025, with significant growth in managed hashrate and power capacity, alongside an increase in Bitcoin holdings [2][4]. Bitcoin Holdings and Production - As of April 30, 2025, Bitcoin holdings reached 1,908 BTC, an increase of 61 BTC from March 31, 2025, due to self-mining operations and net inflow from customer payments [5]. - The company produced a total of 209 BTC in April 2025, which included 173 BTC from cloud mining and 36 BTC from self-mining [5]. Hashrate Overview - Total hashrate under management was 28.3 EH/s as of April 30, 2025, reflecting a 37.4% month-over-month increase, driven by expanded supplier partnerships and increased hash power procurement [4][5]. - Self-owned hashrate accounted for 4.2 EH/s, while hashrate from third-party suppliers and hosting customers was 24.1 EH/s [5]. Power and Infrastructure - Total power capacity under management increased to 566 MW across five continents as of April 30, 2025, marking an 18.4% month-over-month increase [4][5]. - BitFuFuPool connected 10.9 EH/s of hashrate to the network, and BitFuFuOS optimized 9.7 EH/s of hashrate, adding software support for various Antminer models [6]. Upcoming Conferences & Events - BitFuFu will sponsor and present at Bitcoin 2025 in Las Vegas from May 27 to 29, 2025, and will also present at the Lytham Partners Spring 2025 Investor Virtual Conference on May 29, 2025 [6].

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]