BitFuFu Stock Is Soaring: What's Going On?

Shares of digital asset mining company BitFuFu Inc FUFU are trading higher Monday following the company’s recent business combination with Arisz Acquisition Corp and listing on the Nasdaq.

What Happened: BitFuFu completed its previously announced business combination with special purpose acquisition company Arisz Acquisition Corp and began trading on the Nasdaq on Friday.

In connection with the merger, BitFuFu obtained $74 million in private investment in public equity financing commitments from existing shareholders and strategic partners including Bitmain and AntPool.

The company highlighted its recent growth in a press release noting the completion of its SPAC merger. BitFuFu said its revenues have grown from just over $100,000 in 2020 to $134.2 million in the first half of 2023. The company said it had approximately 131,000 miners under management and total mining capacity of 15.2 EH/s as of June 30, 2023.

“As a fast-growing digital asset mining service and world-leading cloud-mining service provider, we enable both institutional and digital asset enthusiasts the ability to mine more efficiently. The proceeds from this transaction will fuel the expansion of our offerings, which encompasses cloud-mining, self-mining, and miner hosting,” said Leo Lu, founder and CEO of BitFuFu.

BitFuFu is also likely benefiting from rising Bitcoin BTC/USD prices on Monday. Bitcoin was up more than 6.5% over a 24-hour period at last check, leading the broader crypto space higher.

See Also: Bitcoin’s Bull Market Is Here, Bringing ‘Face-Melting’ Rallies And ‘FOMO’ Madness: PlanB’s Latest Analysis

BitFuFu was among the top trending stocks on Stocktwits at publication time. BitFuFu’s average session volume is approximately 207,000, per Benzinga Pro. Monday’s trading volume had already exceeded 3.9 million at publication time.

FUFU Price Action: BitFuFu shares were up 157.4% at $16.16 at the time of publication, according to Benzinga Pro.

Photo: Shutterstock.