This Nasdaq-Traded Bitcoin Miner Has Been Profitable Since 2021
The provider of digital asset mining services is growing its portfolio of self-operated mining machines and data centers as high crypto prices fuel strong revenue and earnings gains
Key Takeaways:
- BitFuFu’s revenue grew 63% in 2024, as its annual net profit surged more than fivefold
- The provider of digital asset services is benefitting from the latest cryptocurrency boom, and is now looking to boost its own mining operation to improve profitability
The good times are rolling for BitFuFu Inc. (FUFU.US), which isn’t showing any signs of settling for the status quo.
Amid the latest resurgence for cryptocurrencies, including a rise of more than 30% in the price of bitcoin over the last six months, the provider of digital asset mining services is enjoying a big jump in its own profits. But Bitfufu isn’t stopping there. It’s rapidly building up its own crypto mining business, which can pay off nicely if the current boom continues — though how long that will happen is anyone’s guess.
BitFuFu’s revenue grew 63% to $463.3 million last year from 2023, as its net profit surged more than fivefold to $54 million, according to its latest annual results released last week. The company benefitted as cryptocurrencies went on a bull run after a long slump, fueled by events including a halving in the supply of new bitcoins and Donald Trump’s U.S. presidential election win that is already showing signs of producing favorable policies for digital assets. The euphoria around cryptocurrencies reached a crescendo at the end of last year when bitcoin prices hit $100,000 for the first time.
BitFuFu’s profit surge against this backdrop isn’t so surprising, since the fortunes of crypto-related service providers are closely tied to movements in the virtual asset market. The company also has its own bitcoin mining business, meaning an increase in bitcoin prices directly translates into its own revenue gains. Reflecting that, BitFuFu’s revenue from …
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