BitFuFu Completes Business Combination with Arisz Acquisition Corp, Listed on Nasdaq

Finfront Holding Company, a fast-growing digital asset mining service and world-leading cloud-mining service provider ("BitFuFu" or the "Company"), and Arisz Acquisition Corp.(“ARIZ”), a publicly-traded special purpose acquisition company, today announced that they have completed their previously announced business combination (the “Business Combination”). The listed company following the Business Combination is BitFuFu Inc., and its Class A ordinary shares and warrants will commence trading on the Nasdaq Stock Market under the ticker symbols “FUFU” and “FUFUW”,  starting March 1, 2024.

Since its establishment in December 2020,  BitFuFu has made significant progress in becoming a world-leading cloud-mining service provider for institutional customers and digital asset enthusiasts.  The company has shown remarkable growth, with revenues soaring from just over $100,000 in the 2020 period to $198.2 million in 2022, and a continued increase to $134.2 million in the first half of 2023. With a robust infrastructure of approximately 131,000 miners under management and a total mining capacity of 15.2 EH/s across 17 facilities in multiple countries as of June 30, 2023, BitFuFu has solidified its position in the digital asset mining industry by providing a mix of cloud-mining and miner hosting services, while strategically balancing its use of self-owned and leased miners for cloud services and self-mining to optimize business strategies and minimize risk.

In connection with the Business Combination,  BitFuFu obtained US$74 million in private investment in public equity ("PIPE") financing commitments from existing shareholders and strategic partners, including Bitmain and AntPool.

BitFuFu's management team, led by its founder Leo Lu, will continue to run the Company following the transaction.

Management Remarks

Leo Lu, Founder, and CEO of BitFufu said, "I would like to thank all of our shareholders, employees, partners, and stakeholders who have been instrumental in achieving this pivotal milestone in our journey. BitFuFu’s listing on NASDAQ  marks a new chapter that will enable us to continue our rapid growth trajectory and expand our global footprint in the digital asset industry. As a fast-growing digital asset mining service and world-leading cloud-mining service provider, we enable both institutional and digital asset enthusiasts the ability to mine more efficiently. The proceeds from this transaction will fuel the expansion of our offerings, which encompasses cloud-mining, self-mining, and miner hosting. As we transition into a public company, we are committed to upholding the highest standards of corporate governance and transparency, and are in a stronger position than ever to execute on our vision of becoming the world leader in digital asset mining."

Echo Hindle-Yang, Chairwoman and CEO of Arisz Acquisition Corp. commented, "BitFuFu has been at the forefront in a rapidly growing and evolving industry, and we are proud to bring this company to the public markets through this successful business combination. We have worked extensively with Leo and the BitFuFu team over the past two years, and are confident in their capabilities to drive further value as a listed company. We remain strong believers in BitFuFu’s growth strategy, industry partnerships, and execution abilities, and we look forward to supporting them as they continue to generate long-term, sustainable value to their shareholders."