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SINGAPORE - BitFuFu Inc. (NASDAQ: FUFU), a prominent player in the Bitcoin mining and mining services industry with a market capitalization of $795 million and impressive revenue growth of 78% in the last twelve months, has reached a new user milestone on its Cloud Mining platform, with registrations surpassing the 600,000 mark. According to InvestingPro data, the company maintains a healthy financial position with a current ratio of 4.09. The achievement reflects a significant growth spurt, as the company recorded an increase from 500,000 to 600,000 users in less than three months, a faster pace than the previous 100,000-user growth that took over five months. While InvestingPro analysis indicates the company is quickly burning through cash, analysts anticipate continued sales growth in the current year.
Leo Lu, Chairman and CEO of BitFuFu, attributed this accelerated growth to the company’s user-friendly Cloud Mining APP and effective global marketing strategies. He emphasized that the increasing adoption of Bitcoin mining is contributing to the decentralization and security of the Bitcoin blockchain network.
In response to this milestone, BitFuFu has launched a promotional campaign offering special discount coupons to its active users. These discounts are tiered based on the levels of cloud mining hashrate purchases. The campaign aims to celebrate the company’s rapid user base expansion and encourage further engagement on the platform.
BitFuFu, which has received early investment from BITMAIN, a leading digital asset mining hardware manufacturer, prides itself on providing comprehensive mining solutions. The company’s strategic partnership with BITMAIN enhances its service offerings, enabling efficient digital asset mining for customers worldwide.
The company’s forward-looking statements in the press release reflect their optimism about future growth and performance. However, they caution that these statements are subject to various assumptions and risks that may cause actual results to differ materially.
This news is based on a press release statement and does not include any speculative or promotional content. BitFuFu’s recent user growth underscores the increasing interest in cloud-based Bitcoin mining services among global users. Analyst price targets range from $7 to $10.27, suggesting potential upside from current levels. Get access to 8 more exclusive InvestingPro Tips and comprehensive financial analysis to make informed investment decisions.
In other recent news, BitFuFu Inc. has made significant strides in its operations and strategic expansions. The company announced the acquisition of a majority stake in a 51-megawatt Bitcoin mining data center in Oklahoma, valued at $20.4 million. This acquisition aims to leverage the facility’s high efficiency and low electricity costs, enhancing BitFuFu’s mining capabilities. In January 2025, BitFuFu produced 83 Bitcoins through self-mining, a decrease from the previous month, and 200 Bitcoins for cloud-mining customers. The company also reported total Bitcoin holdings of 1,742 BTC as of the end of January.
BitFuFu has made plans to increase its hashrate by deploying advanced miners and aims to expand its Oklahoma facility, pending a utility study. The company has entered into a framework agreement with BITMAIN to purchase up to 80,000 S-series miners in late 2024. H.C. Wainwright analyst Kevin Dede reaffirmed a Buy rating for BitFuFu, with a price target of $7, highlighting the company’s strong position in the cryptocurrency sector. Additionally, BitFuFu’s recent strategic moves align with its 1GW Global Capacity Expansion Plan, emphasizing its commitment to operational growth.
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