Cloud Miner BitFuFu Looks at US Listing via SPAC Merger

• The combined company is expected to be renamed to BitFuFu Inc and will be listed on the Nasdaq in Q3 under the ticker FUFUaccording to a press release shared with CoinDesk.
• The deal includes an investment of $70 million fully committed, led by bitmain and mining pool company antpool, at $10 per share, said the release. The merger will generate more than 129 million dollars in net cash for the bitfufu, according to the news release.
• The amalgamated corporation will have a pro forma value of $1.5 billion, or 4.6 times the projected revenues for 2022, according to the press release. Assuming Bitcoin prices are in excess of $45,000, Bitfufu expects $330 million in revenue for 2022, $100M by 2021, Plus $100 million in net income before deductions, The press release says.
• The Cloud Exploration Platform provides users with the opportunity to rent company equipment and facilities. He plans to raise his hashrate to 10 exahash/second (eh/s) by the end of 2022, compared with 3 eh/s by the end of 2021. The bitcoin mining hashrate is a measurement of computational power over the network.
• The transaction should be finalized in the third quarter, subject to regulatory and shareholder approvals. The existing shareholders of bitfufu will retain their shares in their entirety, and the management of bitfufu will remain at the head of the company, the statement said.
• Separately, known as bitfufu in his official telegram group on Jan. 21 that his servers had been moved to the United States from Kazakhstan and his hashrate was restored. The company went out of business in Kazakhstan due to power rationing.
• Bitfufu was founded in 2020 with a bitcoin investment, the world's leading manufacturer of crypto mining platforms. It is currently the only bitmain strategic partner in cloud mining, with a 10-year hosting contract.

Read more: Bitmain-Backed BitFuFu Abandons Mining Rigs In Kazakhstan Due to Power Rationing

UPDATE (Jan. 25, 14:07 UTC): Changes last bullet to add BitFuFu is currently Bitmain's only partner, 10-year agreement.