Cloud mining service BitFuFu plans to merge with SPAC company Arisz Acquisition Corp. Thanks to this, the company plans to obtain a public status.
The assets of the combined firm BitFuFu Inc will be under the ticker FUFU. Listing on the Nasdaq is expected in Q3 2022.
The estimated value of BitFuFu Inc is $1.5 billion. According to the supplier, this figure is 4.6 times the projected income for the current year, which is expected at $330 million at a price of bitcoin above $45,000.
BitFuFu will be Bitmain’s sole strategic cloud mining partner. The SPAC deal includes $70 million in funding (based on $10 per share) provided by the mining equipment manufacturer and its Antpool pool.
The press release said the merger would bring BitFuFu more than $129 million in cash after taking into account transaction costs and assuming there were no share buybacks by existing Arisz shareholders.
The company plans to use these funds to purchase mining equipment and create infrastructure.
In December 2021 BitFuFu disabled devices in Kazakhstan devices due to problems with the energy supply in the country and began relocating equipment to the United States.
