olivLaw · US equity research
BitFuFu Inc. FUFU
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
BitFuFu Inc. is a Bitcoin miner offering cloud-mining services, miner hosting and self-mining, with mining capacity reported at 26.1 EH/s at the end of 2025. Revenue in fiscal 2025 reached 477.5 million USD, but the company reported a net loss, which makes its dependence on the Bitcoin price a relevant question for analysis.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, BitFuFu Inc. (FUFU) stock was 0.90 USD (−10.16% on the day), with market capitalisation 149.7 m USD, beta 1.72, 52-week range 0.90–3.38 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.7
- weak (30–45)
- Bollinger (20, 2)
- 0.85 – 1.40
- in the lower half of the band · %B 0.08 · band width 48.1%
- SMA 50 / 200
- 1.26 / 1.80
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −36.7% | −1.1% | −35.6 pp | — |
| 3 months | −29.8% | −0.5% | −29.4 pp | — |
| 6 months | −60.6% | +4.4% | −65.0 pp | — |
| Year to date | −66.0% | +12.3% | −78.3 pp | — |
| 1 year | −74.6% | +13.5% | −88.2 pp | −53.0% |
| 3 years | −91.6% | +76.4% | −168.0 pp | −68.7% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 103.0 m | 198.2 m | 284.1 m | 463.3 m | 477.5 m |
| Revenue YoY | unavailable | +92.3% | +43.3% | +63.1% | +3.1% |
| Net income | 4.9 m | 2.4 m | 10.5 m | 54.0 m | -31.3 m |
| Net income YoY | unavailable | −50.4% | +329.8% | +414.2% | −157.9% |
| Diluted EPS | 0.03 | 0.02 | 0.07 | 0.33 | -0.18 |
| Diluted EPS YoY | unavailable | −33.3% | +250.0% | +371.4% | −154.5% |
| net % | 4.8% | 1.2% | 3.7% | 11.6% | -6.5% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 27.8 m USD
- Financial debt
- 15.0 m USD
- Net debt
- -12.8 m USD
- Equity
- 149.6 m USD
- Total assets
- 357.6 m USD
- Debt / equity
- 0.10x
- Current ratio
- 3.30x
- ROE
- -20.0%
- ROA
- -8.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 103.0 m | 198.2 m | 284.1 m | 463.3 m | 477.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Cost of revenue | 94.0 m | 162.0 m | 271.4 m | 433.6 m | 448.6 m | SEC (XBRL)· 28 Apr 2026verified |
| Gross profit | 9.0 m | 36.2 m | 12.7 m | 29.7 m | 28.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Research & development | 469.9 k | 1.6 m | 1.7 m | 5.6 m | 2.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Operating income | 5.8 m | 3.9 m | 16.6 m | 66.2 m | -23.8 m | SEC (XBRL)· 28 Apr 2026verified |
| Interest expense | — | 2.5 m | 5.5 m | 6.3 m | 8.6 m | SEC (XBRL)· 28 Apr 2026verified |
| Pre-tax income | 6.0 m | 1.8 m | 12.7 m | 61.6 m | -29.3 m | SEC (XBRL)· 28 Apr 2026verified |
| Income tax | 1.0 m | -666.0 k | 2.2 m | 7.7 m | 1.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Net income | 4.9 m | 2.4 m | 10.5 m | 54.0 m | -31.3 m | SEC (XBRL)· 28 Apr 2026verified |
| Diluted EPS | 0.03 | 0.02 | 0.07 | 0.33 | -0.18 | SEC (XBRL)· 28 Apr 2026verified |
| Weighted average diluted shares | 142.5 m | 149.4 m | 150.0 m | 165.5 m | 169.7 m | SEC (XBRL)· 28 Apr 2026verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 13.3 m | 60.4 m | 32.0 m | 38.2 m | 27.8 m | SEC (XBRL)· 28 Apr 2026verified |
| Receivables | — | 6.3 m | 3.8 m | 10.9 m | 12.3 m | SEC (XBRL)· 28 Apr 2026verified |
| Inventories | — | — | — | 246.0 k | 145.0 k | SEC (XBRL)· 28 Apr 2026verified |
| Current assets | — | 87.6 m | 121.3 m | 265.3 m | 324.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Property, plant & equipment, net | — | 106.3 m | 81.9 m | 56.0 m | 20.7 m | SEC (XBRL)· 28 Apr 2026verified |
| Goodwill | — | — | — | — | 4.2 m | SEC (XBRL)· 28 Apr 2026verified |
| Total assets | — | 198.3 m | 210.0 m | 377.7 m | 357.6 m | SEC (XBRL)· 28 Apr 2026verified |
| Accounts payable | — | 38.1 k | 806.0 k | 14.1 m | 4.7 m | SEC (XBRL)· 28 Apr 2026verified |
| Short-term debt | — | — | — | — | 15.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Long-term debt | — | 109.4 m | 102.4 m | 101.3 m | — | SEC (XBRL)· 21 Apr 2025verified |
| Current liabilities | — | 82.1 m | 86.4 m | 63.9 m | 98.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Total liabilities | — | 191.5 m | 192.7 m | 215.2 m | 208.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Equity | 4.8 m † | 6.8 m | 17.3 m | 162.5 m | 149.6 m | SEC (XBRL)· 28 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | 15.9 m | -7.4 m | -196.0 m | -219.9 m | -112.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Investing cash flow | -2.6 m | 56.7 m | 176.9 m | 167.9 m | 89.8 m | SEC (XBRL)· 28 Apr 2026verified |
| Financing cash flow | — | -2.1 m | -9.4 m | 65.0 m | 5.7 m | SEC (XBRL)· 28 Apr 2026verified |
| Share repurchases | — | 2.0 m | — | — | — | SEC (XBRL)· 25 Apr 2024verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 149.7 m USD
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -11.0% | 67 (vs peers) | 29% |
| Net margin · Quality | -6.5% | 59 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 34.1% | 100 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.8x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality64/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BitFuFu Inc. (FUFU). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 477.5 m USD in 2025; YoY growth 3.1%; net margin -6.5%; ROE -20.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 34.1%
- Current ratio: 3.3x
What contradicts it
- Interest coverage: -2.8x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| BMNPBitmine Immersion Technologies, Inc. | 58.4 bn | — | -150.9% | -14,306.6% | +84.1% | unavailable / unavailable |
| ARBKArgo Blockchain PLC | 44.4 bn | — | — | -117.2% | −7.0% | −97% / −99% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| IRENIREN Limited | 6.4 bn | — | -23.4% | -99.4% | +41.1% | −62% / +265% |
| HUTHut 8 Corp. | 5.5 bn | — | -34.5% | -169.8% | +44.8% | +2% / +384% |
| KLARKlarna Group plc | 5.1 bn | — | -11.9% | -7.8% | +24.8% | −57% / unavailable |
| BLSHBullish | 3.1 bn | — | -27.3% | -0.3% | −2.2% | −53% / unavailable |
| WDWalker & Dunlop, Inc. | 1.4 bn | 35.8 | 2.2% | 3.0% | +9.0% | −38% / −53% |
| QFINQfin Holdings, Inc. | 1.3 bn | 1.7 | 25.3% | 31.1% | +16.8% | −72% / −65% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 23.9 | — | 4.2% | +9.9% | −27% / unavailable |
| GDOTGreen Dot Corp | 708.9 m | — | -2.8% | -1.1% | +20.7% | −1% / +55% |
| HTTHigh Templar Tech Ltd | 563.7 m | 5.6 | 6.3% | 1,729.9% | −80.2% | −64% / +9% |
| OPRTOportun Financial Corporation | 534.5 m | 15.7 | 9.1% | 3.9% | −4.5% | +124% / +346% |
| ORBSEightco Holdings Inc. | 308.9 m | — | -157.0% | -1,260.9% | −16.8% | −73% / −77% |
| WYFIWhitefiber, Inc. | 303.0 m | — | -13.7% | -46.9% | +66.2% | −64% / unavailable |
| BTBTBit Digital, Inc. | 254.6 m | — | -56.7% | -237.2% | +5.1% | −70% / −73% |
| CPSSConsumer Portfolio Services, Inc. | 215.9 m | 9.7 | 7.5% | 5.0% | +10.4% | +19% / +4% |
| CANGCango Inc. | 204.3 m | — | -130.8% | -90.4% | +524.3% | −94% / −82% |
| DGXXDigi Power X Inc. | 192.6 m | — | -24.7% | -114.8% | −7.6% | −53% / +33% |
| BNCBNB Standard Corporation | 188.2 m | — | — | — | −59.4% | −37% / −29% |
| BKKTBakkt, Inc. | 187.9 m | — | -15.9% | -1.3% | −32.1% | −74% / −89% |
| ZSQRZ Squared Inc. | 177.6 m | — | -25.9% | -642.0% | unavailable | −82% / −86% |
| BGINBgin Blockchain Limited | 175.4 m | — | -134.0% | -262.6% | −77.7% | −47% / unavailable |
1- and 3-year price returns: for FUFU from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (15 Oct 2026), 6-K (13 Oct 2026), 6-K (29 Sept 2026), 6-K (10 Sept 2026), 6-K (03 Sept 2026), 6-K (17 Aug 2026).
In brief
BitFuFu Inc. is a Bitcoin miner offering cloud-mining services, miner hosting and self-mining, with mining capacity reported at 26.1 EH/s at the end of 2025. Revenue in fiscal 2025 reached 477.5 million USD 1, but the company reported a net loss, which makes its dependence on the Bitcoin price a relevant question for analysis.
SWOT
Strengths
- The company has a proprietary technology platform for large-scale hash calculation management and a large base of registered users 1.
- The combined model of cloud mining, self-mining and hosting offers some flexibility in adjusting strategy 1.
- Clients on longer-duration plans contribute recurring revenue, which partly reduces revenue volatility 1.
Weaknesses
- The company has a relatively short operating history, which makes long-term performance hard to assess 1.
- The company reported a net loss in its latest fiscal year after a profit in the year before 1.
- Customer concentration is high, with a significant share of revenue coming from a few large clients 1.
Opportunities
Risks
- Dependence on Bitcoin pricehigh
Revenue and asset values are directly linked to the Bitcoin price, which has been highly volatile 1.
- Customer concentrationhigh
A significant share of revenue comes from a small number of clients, exposing the company to the loss of a major customer 1.
- Energy costsmedium
Mining consumes large amounts of electricity, and higher costs or supply interruptions could reduce margins 1.
- Regulatory riskmedium
The regulatory framework for digital assets is changing, and new rules could limit operations 1.
- Stablecoin risklow
The company holds stablecoins for operations, and issues at issuers could affect their value and liquidity 1.
Investment thesis
What would need to be true (bull case)
- If the Bitcoin price recovers and demand for cloud mining stays strong, revenue and profitability could return to earlier levels 1.
- The proprietary platform and large user base could support expansion into new markets 1.
- Longer-duration plans could bring more predictable revenue if clients keep ordering repeatedly 1.
What would break the thesis
- If the Bitcoin price falls significantly, demand for services and asset values could decline, and the net loss could persist 1.
- Concentration of revenue in a few large clients could amplify the impact of losing one of them 1.
- Rising miner and energy costs could erode margins if they cannot be passed on to clients 1.
What to watch
- Trend in the net loss and operating marginsnext 10-K
- Share of large clients in total revenue2026
- Evolution of mining capacity and its utilization2026
- Regulatory changes for digital assets2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (15 Oct 2026), 6-K (13 Oct 2026), 6-K (29 Sept 2026), 6-K (10 Sept 2026), 6-K (03 Sept 2026), 6-K (17 Aug 2026).
The business
The company, incorporated in the Cayman Islands with operations headquartered in Singapore, conducts its business through subsidiaries in Singapore, the United States, the UAE and Hong Kong 1. It is listed on Nasdaq under the symbol FUFU following its business combination with Arisz Acquisition Corp. completed on February 29, 2024 1. Its model combines cloud-mining services for institutional and individual clients, miner hosting and self-mining, using a proprietary system called Aladdin to manage large-scale hash calculations 1.
The company reported access to approximately 478 MW of hosting capacity at mining facilities on five continents as of December 31, 2025, and 57% of the average daily capacity of its self-owned miners was used for self-mining operations 1.
Segments
Cloud mining
Cloud-mining services are the main revenue source, accounting for 73.8% of revenue in 2025, with plans of 90, 120 or 180 days 1.
Bitcoin self-mining
Self-mining revenue fell to 13.2% of total revenue in 2025, compared with 34.0% in 2024, indicating a smaller contribution from proprietary mining 1.
Market context
Bitcoin mining depends on the asset price, network difficulty and energy costs, and the company noted that Bitcoin ranged from roughly 77,000 to 126,000 USD in 2025 1. Its reported capacity of 26.1 EH/s at December 31, 2025 places it among large-scale miners, though the source gives no comparative market shares 1.
Rising network difficulty and the reduction of block rewards could lower the economic return of mining, which could affect demand for the company's services if the asset price does not offset these changes 1.
Trends
- Bitcoin price volatilityheadwind
The Bitcoin price has fluctuated widely, and a significant decline could reduce demand for cloud-mining services and the value of held assets 1.
- Block reward reductionsheadwind
Periodic adjustments to the block reward affect the economic viability of mining and may require upgrading the miner fleet 1.
- Growing demand for cloud miningtailwind
The number of registered users has risen steadily over the last three years, suggesting continued interest in services that do not require owning equipment 1.
- Evolving regulationmixed
The regulatory framework for digital assets in several jurisdictions may impose new restrictions, but could also clarify rules for operators with strong compliance 1.
Competitive position
The company competes with other firms focused on large-scale Bitcoin mining, particularly for mining resources at reasonable cost, access to reliable energy sites and the ability to raise capital 1. The source does not name competitors, so the list below reflects only the categories it mentions 1.
Competition also plays out through miner efficiency, pricing, customer service and brand recognition, factors that determine the company's ability to retain existing customers 1.
- Large-scale Bitcoin mining operators
Companies focused on large-scale Bitcoin mining that compete directly for customers and resources 1.
- Miner hosting service providers
Operators offering hosting facilities that compete for access to reliable power sources 1.
- Mining equipment suppliers
Companies supplying miners that compete in equipment sales and leasing 1.
- Cloud-mining platforms
Services offering hash calculation to individual and institutional clients, competing for the same customers 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)15 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)29 Sept 2026
- Current report (foreign issuer)10 Sept 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)10 Jul 2026
- Current report (foreign issuer)22 Jun 2026
- Current report (foreign issuer)09 Jun 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / BitFuFu Inc. · 28 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.