BitFuFu (FUFU) Emerging Growth Conference 88 summary

Company overview and business model

• Operates as a leading Bitcoin miner and mining services provider with over 648,000 users as of November 2025.

• Manages 26.4 exahash of computing power and 478 MW total capacity, holding over 1,700 Bitcoin as of November 30.

• Business is split between self-mining (about 30%) and cloud mining services, with the latter being the dominant revenue driver.

• Cloud mining leases hash rate to institutional and retail customers, with most revenue from institutions.

• Customers select mining capacity and duration, with contracts typically ranging from 30 to 360 days.

Operations, technology, and strategy

• Mining operations span the US (239 MW), Ethiopia (235 MW), and Brazil (4 MW), with 164 MW owned and the rest leased.

• Strategic shift toward acquiring more owned data centers to lower costs and increase operational control.

• Evaluating potential expansion into HPC AI, contingent on acquiring additional data centers.

• Offers proprietary mining pool, OS, and real-time monitoring software to optimize rig performance and guarantee high uptime.

• Maintains 95% uptime guarantee, typically achieving 98-99% uptime.

Financial performance and growth

• Q3 cloud mining revenue rose 78% year over year; self-mining revenue declined 2% due to halving and resource reallocation.

• Mining rig sales reached $36 million in Q3, a temporary spike above the usual $5-6 million per quarter.

• Adjusted EBITDA was just over $22 million, up from $6 million the prior year, with profitability every year of operation.

• Cloud mining business enables flexible allocation between self-mining and cloud mining to maximize profitability across cycles.