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Bitfufu Inc (FUFU)

Description

Bitfufu Inc is a Cayman Islands–incorporated global leader in Bitcoin mining, offering on-demand cloudmining services, self-mining operations and third-party miner hosting solutions backed by its proprietary Aladdin management platform and strategic partnerships with major hardware suppliers.

Historical Reports

Financial Information

Report Date
2025-04-30
Report Period
Fiscal Year Ended December 31, 2024
Debt
136,251,000
Debt History
≈33% increase from 2023
Debt Trend
Increasing

Profit Information

Profit
53,963,000
Profit History
≈414% increase from 2023
Profit Trend
Increasing

Detailed Report

Bitfufu Inc 2024 Annual Financial Report

Report Date: 2025‑04‑30
Period Covered: Fiscal Year Ended December 31, 2024
Form Type: 20‑F

Executive Summary

  • Revenue: $463.3 M (↑63% YoY)
  • Net Profit: $54.0 M (↑414% YoY)
  • Total Debt: $136.3 M (↑33% YoY)
  • Adjusted EBITDA: $117.9 M (↑183% YoY)

Profit & Debt Analysis

  • Profit Drivers:
    • A dramatic rebound in bitcoin prices drove a $39.3 M realized gain on asset sales.
    • Early adoption of fair‑value accounting for crypto assets contributed a $37.6 M unrealized gain.
    • Self‑mining revenue rose 57% to $157.5 M, on higher average hash rates and delivery of upgraded rigs.
  • Cost Pressures:
    • Procurement costs for new Antminer S21 machines and rising power fees increased self‑mining breakeven by >100%.
    • Share‑based compensation soared to $26.1 M as equity awards vested under the 2022 SIP.
  • Debt Profile:
    • Long‑term equipment financing of $101.3 M and a $35 M crypto collateralized loan.
    • Debt up 33% vs. 2023; financing enabled expansion of host capacity and self‑mining fleet.

Reasons for Profit Surge or Loss

  • Surge: Higher BTC prices, mark‑to‑market gains under ASU 202308, strong mining yields.
  • Offsetting Costs: Increased depreciation, borrowing costs, impairment of older rigs.

Pros & Cons

Pros

  • Rapid revenue growth across cloud and self‑mining
  • Leading hardware partnerships (Bitmain) ensure supply of high‑efficiency miners
  • Proprietary dispatch platform (Aladdin) scales hundreds of thousands of rigs

Cons

  • High leverage tied to volatile BTC collateral
  • Regulatory uncertainty around crypto assets and host jurisdictions
  • Rising operating breakeven amid halvings and power‑cost inflation

Statistics Breakdown

Revenue 2024 – $463.3 M breakdown:
• Cloud‑mining services: $271.0 M (58.5%)
• Self‑mining revenue: $157.5 M (34.0%)
• Equipment sales: $30.5 M (6.6%)
• Hosting & other: $4.3 M (0.9%)

Mining capacity served: 235 EH/s total at year‑end; 203 EH/s leased, 32 EH/s owned

Company Direction Insights

Bitfufu is riding the current bull cycle but faces margin pressure as btc halvings raise breakeven costs. Its strong balance sheet (post‑merger cash >$382 M) anchors plans to expand 551 MW of hosting and upgrade to next‑gen rigs. Key focus areas include:

• Growth Trajectory: Scaling self‑mining capacity and cross‑selling cloud plans
• Financial Health: Maintaining a sub‑2.5x net‑debt/EBITDA leverage while improving free cash flow
• Regulatory Risks: Navigating evolving crypto rules in the US, Singapore and UAE
• Opportunities: Monetizing proprietary tech platform, forging new sourcing partnerships
• Challenges: Managing power costs, crypto volatility and single‑asset concentration (btc)

Overall, Bitfufu’s robust tech stack and vertical integration support long‑term growth, but success hinges on crypto market stability and disciplined cost management.