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BitFuFu Will Go Public Through a Merger with SPAC

ByLouis Adams

Jan 25, 2022 #mining
Reading time: < 1 minute

Cloud mining service provider BitFuFu intends to go public through a merger with SPAC company Arisz Acquisition Corp.

The shares of the combined company BitFuFu Inc will receive the ticker symbol FUFU. The listing on the Nasdaq is expected to take place in Q3 2022.

The estimated value of BitFuFu Inc is $1.5 billion. According to the company, this figure is 4.6 times higher than the projected income for the current year, which is expected at $330 million at a price of Vitcoin above $45,000.

BitFuFu is Bitmain’s sole strategic cloud mining partner. The SPAC deal includes $70 million in funding (based on $10 per share) provided by the miner and its Antpool pool.

Per the press release, the merger will bring BitFuFu over $129 million in cash after taking into account transaction costs and assuming there is no share buyback by existing Arisz shareholders.