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FUFU on Nasdaq

Bitfufu Inc.

Bitfufu Inc. is a finance services company in the Cayman Islands, listed on Nasdaq (FUFU).1

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Last updated Oct 21, 2026.

Overview

$477.5MRevenue, fiscal 20252
-$31.3MNet income, fiscal 20252

Compare with Strategy, Resolute Holdings Management, Inc or CONSUMER PORTFOLIO SERVICES, INC., or pick any stock.

  • TickerFUFU on Nasdaq1
  • IndustryFinance Services1
  • HeadquartersE91
  • Incorporated inCayman Islands3
  • Business address7 Temasek Boulevard, Suntec Tower 1, #11-01, Singapore, 0389873
  • Filer categoryAccelerated filer, Emerging growth company3
  • Legal formCorporation

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The information contained on the website does not form a part of, and is not incorporated by reference into, this Report.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

6.1%Gross margin2
-5.0%Operating margin2
-6.5%Net margin2
3.1%Revenue growth, 20252
-20.9%Return on equity2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Revenue Recognized In Digital Assets Payment brought in 50% of the revenue Bitfufu Inc. broke down this way in fiscal 2025.

  1. Revenue Recognized In Digital Assets Payment$474.3M250%up 9% from 2024
  2. Cloud Mining Solutions$352.6M237%up 30% from 2024
  3. Selfmining Revenue$63.1M27%down 60% from 2024
  4. Sale Of Mining Equipment$53.7M26%up 76% from 2024
  5. Hosting Services And Others$8.1M21%up 88% from 2024
  6. Revenue Recognized In USDollars Payment$3.3M20%down 89% from 2024
Products and services by year
Products and services202320242025
Revenue Recognized In Digital Assets Payment$284.1M$434.6M$474.3M
Cloud Mining Solutions$178.0M$271.0M$352.6M
Selfmining Revenue$100.2M$157.5M$63.1M
Sale Of Mining Equipment$30.5M$53.7M
Hosting Services And Others$5.9M$4.3M$8.1M
Revenue Recognized In USDollars Payment$28.7M$3.3M

Regions

Africa brought in 38% of the revenue Bitfufu Inc. broke down this way in fiscal 2025.

  1. Africa$158.6M238%up 1790% from 2024
  2. Asia$108.3M226%up 18% from 2024
  3. Oceania$75.8M218%up 874% from 2024
  4. North America$64.4M216%down 59% from 2024
  5. Others$4.4M21%up 495% from 2024
  6. Europe$2.9M21%down 93% from 2024
Regions by year
Regions202320242025
Africa$3.2M$8.4M$158.6M
Asia$31.1M$91.9M$108.3M
Oceania$1.9M$7.8M$75.8M
North America$99.0M$155.7M$64.4M
Others$1.2M$746.0K$4.4M
Europe$47.4M$41.3M$2.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue94¢$448.6M
  • Research and development1¢$2.5M
  • Other costs3¢$15.9M
  • Interest2¢$8.6M
  • Income tax0¢$1.9M

Out of $477.5M in revenue.2 The company lost money this year.

Financial statements

Revenue562$477.5M in 2025+363% since 2021
0$200.0M$400.0M$600.0M2021: $103.0M$103.0M20212022: $198.2M$198.2M2022+92%2023: $284.1M$284.1M2023+43%2024: $463.3M$463.3M2024+63%2025: $477.5M$477.5M2025+3%
Gross profit562$28.9M in 2025+220% since 2021
0$10.0M$20.0M$30.0M$40.0M2021: $9.0M$9.0M20212022: $36.2M$36.2M2022+301%2023: $12.7M$12.7M2023−65%2024: $29.7M$29.7M2024+134%2025: $28.9M$28.9M2025−3%
Operating income562-$23.8M in 2025
-$25.0M0$25.0M$50.0M$75.0M2021: $5.8M$5.8M20212022: $3.9M$3.9M2022−33%2023: $16.6M$16.6M2023+325%2024: $66.2M$66.2M2024+299%2025: -$23.8M-$23.8M2025
Net income562-$31.3M in 2025
-$50.0M-$25.0M0$25.0M$50.0M$75.0M2021: $4.9M$4.9M20212022: $2.4M$2.4M2022−50%2023: $10.5M$10.5M2023+330%2024: $54.0M$54.0M2024+414%2025: -$31.3M-$31.3M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Total revenues$477.5M$463.3M$284.1M
Total cost of revenues-$448.6M-$433.6M-$271.4M
Gross profit$28.9M$29.7M$12.7M
Sales and marketing expenses-$3.7M-$7.5M-$1.9M
General and administrative expenses-$9.1M-$25.3M-$3.7M
Research and development expenses-$2.5M-$5.6M-$1.7M
Credit loss provision for receivables-$981.0K-$100.0K
Gain on sale of recovery rights on assets held by FTX$7.3M
Impairment loss on digital assets-$7.0M
Impairment loss on mining equipment-$25.4M-$8.1M
Changes in fair value of digital asset receivables or payables$1.2M-$1.3M
Changes in fair value of digital assets-$8.7M$76.9M$18.2M
Loss on disposal of mining equipment-$3.4M
Total operating (expenses)/income-$52.7M$36.5M$3.9M
Operating (loss)/income-$23.8M$66.2M$16.6M
Investment income$462.0K$416.0K
Interest expense-$8.6M-$6.3M-$5.5M
Interest income$2.3M$1.6M$1.1M
Other income/(expense), net$311.0K-$277.0K$587.0K
(Loss)/income before income taxes-$29.3M$61.6M$12.7M
Income tax expense$1.9M$7.7M$2.2M
Net (loss)/income and total comprehensive (loss)/income attributable to ordinary shareholders-$31.1M$54.0M$10.5M
Less: Net income attributable to non-controlling interests$110.0K
Total Comprehensive (loss)/income attributable to ordinary shareholders of the Company-$31.3M$54.0M$10.5M
Ordinary shares - basic (in Shares)164.3M shares161.0M shares150.0M shares
Ordinary shares - diluted (in Shares)169.7M shares165.5M shares150.0M shares
Ordinary shares - basic (in Dollars per share)-$0.19$0.34$0.07
Ordinary shares - diluted (in Dollars per share)-$0.18$0.33$0.07

Compare Bitfufu Inc. with another company

Corporate structure

Bitfufu Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Bitfufu Inc.

  • Bitfufu Inc. E9

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Bitfufu Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$144.7M2 Dec 31, 2025$143.3M2 Dec 31, 2024+0.9%
Accumulated depreciation$82.7M2 Dec 31, 2025$67.4M2 Dec 31, 2024+22.6%
Property and equipment, net$20.7M2 Dec 31, 2025$56.0M2 Dec 31, 2024−63.1%
Operating-lease assets (leased space)$436.0K2 Dec 31, 2025

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$27.8M2 Dec 31, 2025$38.2M2 Dec 31, 2024−27.3%
Long-term investments$177.0K2 Dec 31, 2025

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$4.2M2 Dec 31, 2025$4.2M2 Feb 19, 20250%

Inventory

ItemLatestA year beforeChange
Inventory, total$145.0K2 Dec 31, 2025$246.0K2 Dec 31, 2024−41.1%

Leadership

Who has led Bitfufu Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Liang (leo) Lu2026–now

Chief financial officer

  1. Calla Zhao2026–now
Board members and other officers (6)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorLeo Lu named Jun 13, 2025 to Oct 9, 202513

Timeline

  1. Apr 1, 2026New chief executive Liang (leo) Lu becomes CEO7

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.06 a share, on Nov 12, 2025.14

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

181 filings to the SEC since October 2021: 4 annual reports, 16 insider forms, 4 large holders, 3 private raises, 154 other. The latest 20:

  1. Oct 15, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Oct 13, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  3. Sep 29, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  4. Sep 10, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  5. Sep 3, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  6. Aug 17, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  7. Aug 7, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  8. Jul 10, 20266-K REPORT OF FOREIGN ISSUER EDGAR
  9. Jul 1, 20264 EDGAR
  10. Jul 1, 20264 EDGAR
  11. Jul 1, 20264 EDGAR
  12. Jul 1, 20264 EDGAR
  13. Jul 1, 20264 EDGAR
  14. Jun 22, 20266-K REPORT OF FOREIGN ISSUER EDGAR
  15. Jun 9, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  16. May 29, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  17. May 14, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  18. Apr 28, 202620-F ANNUAL REPORT EDGAR
  19. Apr 16, 20264 EDGAR
  20. Apr 16, 20264 EDGAR

The 181 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 9, 2025Raised $2.7 million in a private offering of equity Form D: 1 investor so far Form D
  2. Jun 16, 2025Raised $2.4 million in a private offering of equity Form D: 1 investor so far Form D
  3. Jun 10, 2025Raised $1.4 million in a private offering of equity Form D: 2 investors so far Form D

SEC filer profile

How Bitfufu Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBitfufu Inc.1
  • CIK0001921158
  • Filer statusAccelerated filer an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Industry code (SIC)6199 Finance Services1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address7 Temasek Boulevard, Suntec Tower 1, #11-01, Singapore, 038987, Singapore1
  • Phone65 6252 75691
  • Shares outstanding31,613,948 Common Class A shares; 135,000,000 Common Class B shares as of Dec 31, 20254
  • AuditorWWC, P.C., San Mateo, California PCAOB ID 1171; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceApr 6, 20221
  • Filings181 in all: 6-K (51), UPLOAD (20), 424B3 (19), DRSLTR (15), DRS/A (12), CORRESP (11), 4 (10), 3 (6)1
    All 29 form types

    EFFECT (6), 20-F (4), D (3), F-3 (3), F-4/A (2), S-8 (2), S-8 POS (2), SC 13G (2), 20FR12B (1), 424B5 (1), 8-A12B (1), CERT (1), DRS (1), F-1 (1), F-1/A (1), F-3/A (1), F-4 (1), POS AM (1), RW (1), SC 13D (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (20-F) Apr 28, 2026

Securities registered for trading

ClassSymbolExchange
Class A ordinary shares, par value US$0.0001 per shareFUFUNasdaq
Warrants, each exercisable for three fourths (3/4) of Class A ordinary shareFUFUWNasdaq

From the cover page of the 20-F filed Apr 28, 2026 (Section 12(b) of the Exchange Act).4

Sources

The numbers on this page point here. Each one links to the record it came from.

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