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About BitFuFu
BitFuFu (NASDAQ: FUFU) is a Singapore-based Bitcoin miner and cloud mining service provider. Its core business includes cloud mining (users purchase hashrate contracts), self-mining (operating its own mining farms), hosting services (a "Buy and Host" solution for customers who own miners), and mining equipment sales.
The company's competitive edge lies in its hybrid model: it can flexibly allocate hashrate between self-mining and cloud mining based on market conditions. It also secures low-cost power globally, such as hydroelectric power in Ethiopia at $0.036/kWh and power in Oklahoma at about $0.03/kWh. Its average fleet efficiency is around 18 J/TH, which is relatively competitive.
The market pain points BitFuFu addresses include volatile Bitcoin prices, rising mining difficulty, and high electricity costs. It mitigates these by shifting hashrate to more profitable segments, locking in cheap power, and improving energy efficiency.
In the past six months (March to September 2026), BitFuFu reported a Q1 net loss of $35 million, largely due to a $35.6 million non-cash fair value loss from Bitcoin price declines. Total managed hashrate reached 25.9 EH/s in Q1, up 25.7% year-over-year. By June 30, it held 1,671 BTC, with self-mining hashrate at 3.5 EH/s and total managed hashrate at 15.3 EH/s. In July, it produced 112 BTC, held 1,314 BTC, and managed 14.2 EH/s. The decrease in Bitcoin holdings was mainly due to advance payments for future hashrate capacity scheduled to come online in August, expected to restore total managed hashrate to about 20 EH/s. Notably, its self-mining output in 2025 dropped 76% year-over-year due to lower per-T revenue and reduced hashrate allocation.
BitFuFu reported Q2 2026 results: total revenue was $42.8 million, down 62.9% YoY; net loss was $20.5 million vs net income of $47.1 million a year ago. Adjusted EBITDA was -$18.4 million, including a $16.9 million fair-value loss on Bitcoin; excluding that, adjusted EBITDA was approximately -$1.5 million. Cash and digital assets totaled $119.5 million at quarter-end, down from year-start. Revenue decline was mainly due to cloud mining solutions revenue falling 73.6% to $24.9 million and zero miner sales; however, self-mining revenue rose 22.8% QoQ to $14.0 million, and hosting & other revenue increased 254% YoY. Overall performance was pressured by lower Bitcoin prices and weak sentiment, but cost optimization and business mix shifts showed resilience in self-mining and hosting.
Over the past six months, BitFuFu expanded hashrate and improved efficiency. In Q1 2026, total revenue was $72.7M, cloud mining revenue $57.5M, managed hashrate 25.9 EH/s, and BTC holdings 1,794. In May, it mined 177 BTC (90 self-mining), raising holdings to 1,855 BTC. In June, it acquired and deployed 1,200 S21 XP units, lifting self-owned hashrate to 3.5 EH/s, and secured 5.3 EH/s of supplier hashrate for nine months starting August. In July, it used BTC to prepay for future hashrate. In August, managed hashrate recovered to 20.6 EH/s, production reached 174 BTC (88 self-mining, 86 cloud mining), average fleet efficiency improved to 16.7 J/TH, power capacity reached 344 MW, and BTC holdings stood at 1,373. A share repurchase program was also announced.
Official future focus: continue scaling self-operated and third-party hashrate, maintain industry-leading fleet efficiency, execute the self-mining plus cloud-mining dual-engine model with dynamic hashrate allocation, accumulate BTC during price consolidation based on long-term conviction, maintain disciplined capital allocation with buybacks, and refresh older machines with next-generation energy-efficient miners.
Co-founder & CEO Leo Lu: Founder of BitFuFu, CEO since July 2021, Chairman since February 2024. Previously Business Director at Bitmain, co-founding its cloud-mining division and designing pricing models and digital asset products; earlier General Manager of Information Service Dept at China Financial Assets Exchange. Holds dual bachelor's degrees in computer science and literature from UESTC.
CFO Calla Zhao: Served as financial controller from Sept 2021, promoted to CFO in May 2024. CPA; former audit manager at KPMG and head of finance at GGG Limited. Bachelor's in accounting from Peking University.
VP (Investor Relations) Charley Brady: Responsible for investor relations.
Global PR Director Tony Peng: Responsible for global PR communications.