Finfront Holding Company, a digital asset mining service and cloud-mining service provider, and Arisz Acquisition Corp. (ARIZ), a publicly-traded special purpose acquisition company, announced that they have completed their previously announced business combination.
The listed company following the Business Combination is BitFuFu Inc., and its Class A ordinary shares and warrants will “commence trading on the Nasdaq Stock Market under the ticker symbols “FUFU” and “FUFUW”, starting March 1, 2024.”
Since its establishment in December 2020, BitFuFu has “made significant progress in becoming a cloud-mining service provider for institutional customers and digital asset enthusiasts.”
The company has shown growth, “with revenues soaring 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 a robust 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 has solidified its position in “the digital asset mining industry by providing a mix of cloud-mining and miner hosting services, while strategically balancing its use of self-owned and leased miners for cloud services and self-mining to optimize business strategies and minimize risk.”
In connection with the Business Combination, BitFuFu has “obtained US$74 million in private investment in public equity (“PIPE”) financing commitments from existing shareholders and strategic partners, including Bitmain and AntPool.”
BitFuFu’s management team, led “by its founder Leo Lu, will continue to run the Company following the transaction.”
Leo Lu, Founder, and CEO of BitFufu said:
“The proceeds from this transaction will fuel the expansion of our offerings, which encompasses cloud-mining, self-mining, and miner hosting. As we transition into a public company, we are committed to upholding the highest standards of corporate governance and transparency, and are in a stronger position than ever to execute on our vision of becoming the world leader in digital asset mining.”
Echo Hindle-Yang, Chair and CEO of Arisz Acquisition Corp. commented:
“We remain strong believers in BitFuFu’s growth strategy, industry partnerships, and execution abilities, and we look forward to supporting them as they continue to generate long-term, sustainable value to their shareholders.”
Wilson Sonsini Goodrich & Rosati and Harney Westwood & Riegels are acting as legal counsels to Finfront Holding Company.
Loeb & Loeb LLP is acting as a legal counsel to ARIZ.
