BitFuFu Shares Jump 22% After 2024 Revenue Surges on Cloud-Mining Business

Dow Jones03-25

By Sabela Ojea

Shares of BitFuFu jumped Tuesday after the company reported that revenue surged in 2024, mostly driven by its cloud-mining solutions and Bitcoin self-mining businesses.

The stock was up 22% at $5.45 in midday trading, on pace for the largest percent increase since June 25, 2024, when it rose 29%. Shares are up around 13% over the past 12 months.

The Singapore cloud-mining bitcoin platform posted revenue of $463.3 million for 2024 after seeing its cloud-mining solutions' topline performance rise 52% to $271 million and its Bitcoin self-mining operations surge 52% to $157.5 million. This compares with reported revenue of $284.1 million for 2023.

BitFuFu, which now has 164 MW of secured capacity and seeks to add 1 GW of incremental capacity by the end of 2026, said its cloud-mining business continued to gain strong traction, finishing 2024 with nearly 600,000 registered users--almost double the total at the end of 2023.

By the end of 2025, the company expects its mining capacity to reach around 33 EH/s and its hosting capacity to be in the range of 650 MW to 800 MW.

"Looking ahead, we are well-positioned for another year of revenue growth," Chief Executive Leo Lu said, adding that the company plans to further optimize its cost structure through the acquisition of data centers with competitive electricity pricing.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

March 25, 2025 12:48 ET (16:48 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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Shares are up around 13% over the past 12 months. \n\n\n  The Singapore cloud-mining bitcoin platform posted revenue of $463.3 million for 2024 after seeing its cloud-mining solutions' topline performance rise 52% to $271 million and its Bitcoin self-mining operations surge 52% to $157.5 million. 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