Home Bitcoin News Bitcoin Mining Bitmain-Backed Crypto Mining Firm Reaches $1.5 Billion SPAC Merger To Go Public – Forbes

Bitmain-Backed Crypto Mining Firm Reaches $1.5 Billion SPAC Merger To Go Public – Forbes

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Cryptocurrency mining providers firm BitFuFu, backed by trade large Bitmain, is slated to go public in the US by merging with a special-purpose acquisition firm in a deal that can worth the corporate at $1.5 billion.

BitFuFu introduced on Tuesday that it could enter a definitive enterprise mixture settlement with Nasdaq-listed Ariz Acquisition, which would come with $70 million of absolutely dedicated non-public funding in public fairness, or PIPE, financing led by bitcoin mining-rig maker Bitmain and a derivative firm, Antpool Applied sciences.

The Hong Kong-based firm goals to offer a “one-stop hashrate answer supplier for miners of all sizes,” in response to an organization press launch, and affords cloud-mining, self-mining, and miner internet hosting—successfully permitting customers to put money into crypto mining with out having to function the amenities.

“Coming into this transaction now’s essentially the most optimum and strategic timing for enduring our fast progress trajectory and growing our international footprint within the crypto-mining trade,” says Leo Lu, founder and CEO of BitFuFu.

“This milestone of changing into a publicly-traded firm by way of our merger with ARIZ will additional drive enhancements to our company governance, enhance transparency, and appeal to new expertise to assist us obtain our imaginative and prescient of changing into the highest digital asset mining firm,” Lu says.

Lu based BitFuFu in December 2020 after leaving Bitmain, the place he labored for 2 years. He stated that different key members of BitFuFu’s workforce have been additionally former members of Bitmain and BitDeer, a derivative managed by billionaire crypto pioneer Jihan Wu.

In February 2021, BitFuFu partnered with Bitmain, changing into the corporate’s sole companion for cloud providers, with the latter offering mining assets, resembling machines and mining swimming pools. BitFuFu entered right into a 10-year mining internet hosting settlement with Bitmain globally, together with the U.S.

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