FUFU 6-K
Bitfufu Inc. (FUFU)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2025
Commission file number: 001-41972
BitFuFu Inc.
(Exact Name of Registrant as Specified in Its Charter)
7 Temasek Boulevard
Suntec Tower 1, #11-01
Singapore 038987
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INCORPORATION BY REFERENCE
This current report on Form 6-K is hereby incorporated by reference in the registration statements of BitFuFu Inc. on Form F-3 (No. 333-278207, No. 333-286356 and No.333-288554), to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release - BitFuFu Reports Unaudited Third Quarter 2025 Financial Results |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BitFuFu Inc. | ||
| Date: November 12, 2025 | By: | /s/ Leo Lu |
| Name: | Leo Lu | |
| Title: | Chairman of Board of Directors and Chief Executive Officer | |
2
Exhibit 99.1
BitFuFu Reports Unaudited
Third Quarter 2025 Financial Results
SINGAPORE, November 12, 2025 (GLOBE NEWSWIRE) – BitFuFu Inc. (“BitFuFu” or the “Company”) (NASDAQ: FUFU), a world-leading Bitcoin miner and mining services innovator, today announced its unaudited financial results for the quarter ended September 30, 2025.
Third Quarter 2025 Financial Highlights
| ● | BitFuFu delivered robust year-over-year growth in Q3 2025, with total revenue increasing 100.1% to $180.7 million from $90.3 million in the same period of last year. On a sequential basis, the revenue increased 56.6%. The significant growth was driven by strong demand from customers for cloud-mining solutions and mining equipment, and continued expansion of mining capacity. |
| Three Months Ended September 30, | ||||||||
| Business Segment | Revenue (USD millions) | Percentage | ||||||
| Cloud mining solutions | 122.9 | 68.0 | % | |||||
| Self-mining operations | 20.1 | 11.1 | % | |||||
| Mining equipment sales | 35.8 | 19.8 | % | |||||
| Other | 1.9 | 1.1 | % | |||||
| Total revenue | $ | 180.7 | 100.0 | % | ||||
| ● | Net income was $11.6 million, which included an unrealized gain of $3.1 million from the increase in the price of Bitcoin. This compares to net loss of $5.0 million in the same period of 2024, which included an unrealized fair value loss of $0.6 million. |
| ● | Adjusted EBITDA (a non-GAAP metric) increased to $22.1 million, compared to $5.8 million in the same period of 2024. |
| ● | For the three months ended September 30, 2025, basic and diluted earnings per ordinary share were $0.07, compared to negative $0.03 for both in the same period of 2024. |
| ● | Cash and cash equivalents and digital assets1 totaled $254.8 million as of September 30, 2025, representing an increase of 51.5% from $168.1 million as of December 31, 2024. |
“The third quarter marked a clear inflection point for BitFuFu as revenue doubled year-over-year and increased 56.6% sequentially. Our strong third-quarter results demonstrate the benefits of our differentiated dual-engine model, combining recurring cloud-mining revenue with direct participation in Bitcoin price appreciation through our self-mining operations. This model gives us multiple levers to manage volatility and sustain profitability through cycles, and our strong balance sheet provides the flexibility to invest where returns are most compelling. With the fourth quarter well underway, we are focused on finishing the year strong,” said Leo Lu, Chairman and Chief Executive Officer.
| 1 | The BTC collateral receivables are not included in the balance of digital assets; and BTC was measured at fair value in the Company’s financials for the quarter ended September 30, 2025. |
| BitFuFu Reports Unaudited Third Quarter Financial Results – Page 2 of 4 |
Third Quarter 2025 Operational Highlights
| ● | Total mining capacity increased 37.4% to 36.0 EH/s as of September 30, 2025, compared to 26.2 EH/s as of September 30, 2024. |
| ● | Hosting capacity was 624 MW as of September 30, 2025, compared to 556 MW as of September 30, 2024. |
| ● | The number of registered cloud-mining users increased 40.8% to 641,526 as of September 30, 2025, compared to 455,764 as of September 30, 2024. |
| ● | Bitcoin (“BTC”) held by the Company increased by 19.8% to 1,962 BTC as of September 30, 2025, compared to 1,638 as of September 30, 2024. |
| As of September 30, | ||||||||
| Metric | 2025 | 2024 | ||||||
| Hosting capacity (MW) | 624 | 556 | ||||||
| Total mining capacity under management (EH/s) (1) | 36.0 | 26.2 | ||||||
| Registered cloud-mining users | 641,526 | 455,764 | ||||||
| BTC holdings (2) | 1,962 | 1,638 | ||||||
Three Months Ended September 30, | ||||||||
| 2025 | 2024 | |||||||
| BTC produced | ||||||||
| From BitFuFu self-mining operations | 174 | 340 | ||||||
| By customers from cloud-mining solutions (3) | 1,033 | 957 | ||||||
| Average BTC produced per day by customers and BitFuFu | 13.1 | 14.1 | ||||||
| (1) | Defined as the hash rate that could theoretically be generated if all miners that have been energized are currently in operation including miners that may be temporarily offline. Hash rates are estimates based on the manufacturers’ specifications. |
| (2) | Includes 601 BTC as collateral for loans and miner procurement payables and excludes 440 BTC produced or pledged by cloud-mining customers. |
| (3) | Defined as the number of BTC that were produced during the period by customers using mining capacity purchased from cloud-mining solutions. |
Third Quarter 2025 Financial Results
Revenue
Total revenue in the third quarter of 2025 was $180.7 million, representing an increase of 100.1% from $90.3 million in the same period last year, primarily due to an increase in cloud-mining solutions and sales of mining equipment.
Revenue from cloud-mining solutions in the third quarter of 2025 was $122.9 million, representing an increase of 78.4% from $68.9 million in the same period of 2024. This increase was primarily due to (i) increases in demand for cloud mining services, (ii) repeat purchases from both existing customers and new customers acquired during the year of 2025, and (iii) continued growth in our managed hash rate and expansion of our power capacity. BitFuFu realized a net dollar retention rate of 118.8% for the third quarter of 2025, which was calculated by dividing the amount of recurring revenue in the third quarter of 2025 by the amount of revenue in the third quarter of 2024, reflecting continued customer demand and the Company’s ability to maintain a substantial portion of revenue from existing customers.
Revenue from Bitcoin self-mining operations in the third quarter of 2025 was $20.1 million, representing a decrease of 2.2% from $20.5 million in the same period of 2024. The decrease was primarily due to the combined effects of (i) an increase in global blockchain network difficulty, which led to a 33% year-over-year decrease in the average BTC daily earnings per tera-hash in the third quarter of 2025; (ii) a 23% decrease in the average hash rate used for self-mining operations when more hash rate was allocated to the cloud-mining business; (iii) partially offset by an 87.5% increase in BTC price from an average of $61,000 in the third quarter of 2024 to $114,500 in the third quarter of 2025.
| BitFuFu Reports Unaudited Third Quarter Financial Results – Page 3 of 4 |
Revenue from mining equipment sales in the third quarter was $35.8 million, a substantial increase from $0.3 million in the same period of 2024. This growth reflects strong demand for mining machines, supported by the sustained upward trend in Bitcoin prices. Building on this momentum, the Company is leveraging its strategic partnerships to further expand machine sales and capture new market opportunities.
Cost of Revenue
Cost of revenue in the third quarter of 2025 was $173.5 million, representing an increase of 94.1% from $89.4 million in the third quarter of 2024. The increase was in line with the increase in total revenue, as well as the Company’s ongoing efforts to improve cost efficiency through procurement optimization.
Operating Expenses
General and administrative expenses, sales and marketing expenses, and research and development expenses in the third quarter of 2025 were $1.9 million, $0.6 million and $0.6 million, respectively, representing a combined decrease of 52.6% from $6.5 million in the same period of 2024. The decrease was primarily due to the recognition of $4.3 million share-based compensation expenses in the third quarter of 2024, while only $0.2 million was recognized in the third quarter of 2025.
The Company recognized a gain on disposal of digital assets of $6.9 million, as the selling price of BTC exceeded its cost.
Net Income
Net income in the third quarter of 2025 was $11.6 million, compared to a net loss of $5.0 million in the same period of 2024, including an unrealized fair value gain of $3.1 million as mentioned above.
Adjusted EBITDA
Adjusted EBITDA in the third quarter of 2025 was $22.1 million, compared to $5.8 million in the same period of 2024.
Liquidity and Capital Resources
As of September 30, 2025, the Company had cash and cash equivalents and digital assets of $254.8 million, compared to $168.1 million as of December 31, 2024. The increase was mainly due to the Company’s treasury management strategies, which have supported liquidity, and the appreciation in the value of BTC held by the Company during 2025.
Conference Call
The Company’s management team will hold an earnings conference call at 8:00 a.m. U.S. Eastern Standard Time on Wednesday, November 12, 2025 (9:00 p.m. Singapore Time on the same day).
All participants must register in advance of the conference call using the link provided below. Upon registration, each participant will receive a confirmation email containing dial-in numbers and a unique access PIN, which will be used to join the conference call.
Registration Link: Conference call registration
Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at https://ir.bitfufu.com.
| BitFuFu Reports Unaudited Third Quarter Financial Results – Page 4 of 4 |
About BitFuFu Inc.
BitFuFu Inc. is a world-leading Bitcoin miner and mining services innovator. BitFuFu is committed to empowering the global Bitcoin network through its industry-leading cloud mining platform, rapidly scaling infrastructure, and innovative mining services.
For more information, please visit https://ir.bitfufu.com or follow BitFuFu on X @BitFuFuOfficial.
Non-GAAP Financial Measure
BitFuFu uses and considers Adjusted EBITDA, a non-GAAP financial measure, as a supplemental metric in reviewing and evaluating its performance. BitFuFu defines Adjusted EBITDA as (1) GAAP net profit/loss, plus (2) adjustments to add back interest expense/(income), income tax expense/(benefit), depreciation and amortization, (3) share-based compensation and (4) adjustments for non-recurring items, if any. BitFuFu believes that this non-GAAP financial measure provides useful information to investors and others in understanding and evaluating the consolidated financial results in the same manner as its management and in comparing financial results across accounting periods. However, non-GAAP financial measures are not defined under GAAP and are not presented in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, which possibly do not reflect all items of expense that affect the Company’s operations. BitFuFu’s calculation of adjusted EBITDA may be different from the calculation methods of other companies, and therefore, the comparability of such measure may be limited. In addition, this non-GAAP financial measure adjusts for the impact of items that BitFuFu does not consider indicative of the operational performance of its business and should not be considered in isolation or construed as an alternative to net profit/loss or any other measure of performance or as an indicator of its future performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
For more information on the non-GAAP financial measure, please see the table captioned “Unaudited Reconciliation of GAAP and non-GAAP Results” set forth at the end of this release. BitFuFu encourages you to review its financial information in its entirety and not rely on a single financial measure.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of BitFuFu’s management and are not predictions of actual performance. These statements involve risks, uncertainties and other factors that may cause BitFuFu’s actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The announced results of the third quarter of 2025 are preliminary and subject to adjustments. All information provided in this press release is as of the date of this press release and the Company does not undertake any duty to update such information, except as required under applicable law.
For investor inquiries, please contact:
Charley Brady
Vice President, Investor Relations
For general inquiries, please contact:
BitFuFu Investor Relations
BitFuFu Media Relations
BitFuFu Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)
(In thousands, except share and per share data)
| For The Three Months Ended | For The Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Total revenues | $ | 180,671 | $ | 90,337 | $ | 374,110 | $ | 364,169 | ||||||||
| Cost of revenues | ||||||||||||||||
| Cost of revenues incurred to a related party | (108,775 | ) | (47,098 | ) | (197,777 | ) | (136,087 | ) | ||||||||
| Cost of revenues incurred to third parties | (57,228 | ) | (36,092 | ) | (128,891 | ) | (176,061 | ) | ||||||||
| Cost of revenues – depreciation and amortization | (7,514 | ) | (6,201 | ) | (20,976 | ) | (18,395 | ) | ||||||||
| Total cost of revenues | (173,517 | ) | (89,391 | ) | (347,644 | ) | (330,543 | ) | ||||||||
| Gross profit | 7,154 | 946 | 26,466 | 33,626 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Sales and marketing expenses | (569 | ) | (1,489 | ) | (1,676 | ) | (2,457 | ) | ||||||||
| General and administrative expenses | (1,923 | ) | (2,434 | ) | (6,016 | ) | (5,760 | ) | ||||||||
| Research and development expenses | (602 | ) | (2,602 | ) | (1,353 | ) | (3,336 | ) | ||||||||
| Unrealized fair value gain of digital asset receivables or payables | 134 | - | 5,304 | - | ||||||||||||
| Unrealized fair value gain/(loss) of digital assets | 2,980 | (619 | ) | 18,054 | (5,222 | ) | ||||||||||
| Realized gain on sales of digital assets | 6,926 | 2,246 | 9,352 | 25,228 | ||||||||||||
| Total operating income/(expense), net | 6,946 | (4,898 | ) | 23,665 | 8,453 | |||||||||||
| Operating income/(expense) | 14,100 | (3,952 | ) | 50,131 | 42,079 | |||||||||||
| Investment income | 34 | - | 284 | |||||||||||||
| Interest expense | (2,199 | ) | (1,545 | ) | (6,482 | ) | (4,601 | ) | ||||||||
| Interest income | 773 | 257 | 1,865 | 1,375 | ||||||||||||
| Other expenses, net | 254 | (704 | ) | 111 | (719 | ) | ||||||||||
| Income/(Loss) before income taxes | 12,962 | (5,944 | ) | 45,909 | 38,134 | |||||||||||
| Income tax (expense)/benefit | (1,402 | ) | 936 | (4,066 | ) | (6,503 | ) | |||||||||
| Net income and total comprehensive income | 11,560 | (5,008 | ) | 41,843 | 31,631 | |||||||||||
| Less: Net income attributable to non-controlling interests | (17 | ) | - | (91 | ) | - | ||||||||||
| Total comprehensive income attributable to ordinary shareholders of BitFuFu | $ | 11,543 | $ | (5,008 | ) | $ | 41,752 | $ | 31,631 | |||||||
| Earnings per share: | ||||||||||||||||
| Ordinary shares – basic (US$) | $ | 0.07 | $ | (0.03 | ) | $ | 0.26 | $ | 0.20 | |||||||
| Ordinary shares – diluted (US$) | $ | 0.07 | $ | (0.03 | ) | $ | 0.25 | $ | 0.19 | |||||||
| Weighted average shares outstanding used in calculating basic and diluted earnings per share: | ||||||||||||||||
| Ordinary shares – basic | 164,516,040 | 162,902,268 | 163,636,472 | 160,113,866 | ||||||||||||
| Ordinary shares – diluted | 169,898,332 | 168,284,560 | 169,018,764 | 165,496,158 | ||||||||||||
BitFuFu, Inc.
Third Quarter 2025 Earnings Press Release Schedules
5
BitFuFu Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
September 30, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 32,632 | $ | 38,201 | ||||
| Restricted cash and cash equivalents | - | 6,910 | ||||||
| Digital assets | 222,147 | 129,940 | ||||||
| Digital assets collateral receivables | 67,991 | 12,569 | ||||||
| Accounts receivable, net | 36,433 | 10,926 | ||||||
| Amount due from related parties | 10,064 | 33,116 | ||||||
| Prepayments | 38,273 | 21,651 | ||||||
| Inventory | 145 | 246 | ||||||
| Other current assets, net | 16,279 | 11,710 | ||||||
| Total current assets | 423,964 | 265,269 | ||||||
| Non-current assets: | ||||||||
| Equipment, net | 61,921 | 55,981 | ||||||
| Digital asset collateral receivables | - | 47,827 | ||||||
| Right of use asset | 497 | - | ||||||
| Long-term equity investment | 184 | - | ||||||
| Goodwill * | 6,484 | - | ||||||
| Deferred tax assets, net | 7,290 | 8,601 | ||||||
| Total non-current assets | 76,376 | 112,409 | ||||||
| Total assets | $ | 500,340 | $ | 377,678 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | 12,693 | 14,119 | ||||||
| Contract liabilities | 31,305 | 15,757 | ||||||
| Taxes payable | 2,342 | 2,229 | ||||||
| Accrued expenses and other payables | 15,334 | 8,773 | ||||||
| Obligation to return collateral digital assets | 49,720 | 21,436 | ||||||
| Amount due to a related party | 12,610 | 1,579 | ||||||
| Long term loans-current portion | 40,000 | - | ||||||
| Lease liability-current portion | 226 | - | ||||||
| Total current liabilities | 164,230 | 63,893 | ||||||
| Non-current liabilities: | ||||||||
| Long-term loans | - | 34,950 | ||||||
| Lease liability | 260 | - | ||||||
| Long-term payables | 101,301 | 101,301 | ||||||
| Deferred tax liabilities, net | 16,398 | 15,072 | ||||||
| Total non-current liabilities | 117,959 | 151,323 | ||||||
| Total liabilities | 282,189 | 215,216 | ||||||
| Total shareholders’ equity | 218,151 | 162,462 | ||||||
| Total liabilities and stockholders’ equity | $ | 500,340 | $ | 377,678 | ||||
| * | The balance of goodwill may be further changed after completing the Purchase Price Valuation (“PPA”) report by the certified valuer. |
BitFuFu, Inc.
Third Quarter 2025 Earnings Press Release Schedules
6
BitFuFu Inc.
Reconciliation of Net Profit and Adjusted EBITDA (Unaudited)
(In thousands)
For The Three Months Ended September 30, | For The Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net Income/(loss) | $ | 11,560 | $ | (5,008 | ) | $ | 41,843 | $ | 31,631 | |||||||
| Add: Interest expenses, net | 1,426 | 1,288 | 4,617 | 3,226 | ||||||||||||
| Add: Income tax expense/(benefit) | 1,402 | (936 | ) | 4,066 | 6,503 | |||||||||||
| Add: Depreciation | 7,514 | 6,201 | 20,976 | 18,395 | ||||||||||||
| Add: Share-based Compensation | 182 | 4,253 | 481 | 4,253 | ||||||||||||
| Adjusted EBITDA | $ | 22,084 | $ | 5,798 | $ | 71,983 | $ | 64,008 | ||||||||
BitFuFu, Inc.
Third Quarter 2025 Earnings Press Release Schedules
7