Finfront Holding Company, a digital asset mining service and cloud-mining service provider (dba BitFuFu) and Arisz Acquisition announced that they have completed their business combination. BitFuFu shares and warrants began trading today on the Nasdaq under the ticker symbols FUFU and FUFUW.
Arisz shareholders voted unanimously to approve the deal. In connection with the merger, Arisz secured $74 million in PIPE commitments from existing shareholders and strategic partners, including Bitmain and AntPool. The SPAC’s trust held about $1 million after redemptions. Arisz originally raised $69 million in a November 2021 IPO.
Founded in December 2020, BitFuFu has posted revenue growth from just over $100,000 in the 2020 period to $198.2 million in 2022, and a continued increase to $134.2 million in the first half of 2023. With an infrastructure of approximately 131,000 miners under management and a total mining capacity of 15.2 EH/s across 17 facilities in multiple countries as of June 30, 2023, BitFuFu provides a mix of cloud-mining and miner hosting services, while balancing its use of self-owned and leased miners for cloud services and self-mining to optimize business strategies and minimize risk.
At deal announcement two years ago, the merged company was valued at a pro forma enterprise value of approximately $1.5 billion. Read more.
