BitFuFu Expands North American Presence with Acquisition of Oklahoma Bitcoin Mining Facility

BitFuFu, a Bitcoin mining firm backed by Bitmain, has announced plans to expand into North America with the acquisition of a 51-MW Bitcoin mining facility in Oklahoma. The move marks a significant step in the company’s North American expansion strategy and global power capacity plans.

According to a recent press release, BitFuFu has signed a letter of intent to acquire a majority stake in the Oklahoma facility, which is expected to close in the first half of 2025. The facility boasts 51 megawatts of power capacity and utilizes air-cooled Bitcoin miners that draw electricity from the grid at a competitive rate of 3 cents per kilowatt-hour.

Securing Long-Term, Low-Cost Power

Leo Lu, BitFuFu’s chairman and CEO, views the acquisition as a pivotal step in advancing the company’s North American expansion strategy and 1GW global power capacity build-up plan.

This acquisition would represent a pivotal step in advancing our North American expansion strategy and 1GW global power capacity build-up plan.

While the deal is still subject to final agreements, financial checks, and other conditions, BitFuFu notes that there’s no guarantee the transaction will go through. If successful, the acquisition will enable BitFuFu to secure long-term, low-cost, and reliable power, a crucial factor in the Bitcoin mining industry.

Market Reaction and Company Background

Following the announcement, BitFuFu’s stock rose 0.39% to $5.19 in pre-market trading. The company went public on Nasdaq under the ticker FUFU in March 2024. BitFuFu’s latest earnings report indicates that its public listing procedures resulted in a 111% increase in general and administrative expenses, primarily due to a $1.2 million rise in legal and consulting fees.

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