According to Wu Shuo, the SPAC listing of BitFuFu, a Bitcoin mining company owned by Bitmain, is progressing. The company filed an F-4 application with the SEC on Dec. 31 to register the securities of its SPAC merger transaction as a foreign private entity. The U.S. Securities and Exchange Commission declared the filing effective, which is a key step for BitFuFu to complete the merger transaction and subsequent listing. As of June 30, BitFuFu produced 2,253 BTC and was running a hashrate of 15.2 EH/s, with nearly 80% of its hashrate coming from mining machines rented from Bitmain. Bitmain owns 5% of BitFuFu and is a supplier on which BitFuFu relies, with nearly $90 million of BitFuFu’s revenue going to Bitmain in the first half of 2023 as cost of revenue related to mining machine leasing and hosting fees.

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