Following the release of its financial results, BitFuFu Inc. (NASDAQ: FUFU) stock price saw a significant rise. As of the last market check, FUFU’s shares were up 23.15% to $5.49. The company’s unaudited financial results for the fiscal year that concluded on December 31, 2024, demonstrated remarkable growth.
Excellent Development and Strategic Expansion
Total sales were $463.3 million, up 63.1% from the previous year. Meanwhile, net income rose to $54.0 million, a staggering 414.3% rise. As it continued to strengthen its financial foundation with consistent revenue growth from both its self-mining and cloud-mining operations, BitFuFu reached a noteworthy milestone in 2024.
One of the company’s highlights was its successful NASDAQ IPO in March, which improved its market position. The second half of the year saw FUFU make a strategic change from an asset-light approach to a hybrid one that included asset ownership through the acquisition of data center infrastructure.
With 164 MW of secured capacity, BitFuFu is on track to achieve its long-term growth goals. The company has set an ambitious target to increase its capacity by an additional 1 GW by the end of 2026. With about 600,000 registered users by the end of 2024, its cloud-mining division saw significant growth, nearly doubling its user base from the year before.
Prospects for the Future and Plans for Capacity Extension
In 2025, BitFuFu expects to see strong revenue growth once again. The business anticipates that its hosting capacity will be between 650 MW and 800 MW, while its mining capacity would be at 33 EH/s.
By strategically purchasing data centers with competitive power costs, BitFuFu also hopes to improve its cost structure. Operational efficiency will also be improved by the company’s collaboration with Bitmain to purchase up to 80,000 S21 series miners.
Notable Rises in Bitcoin Holdings and Mining Capacity
BitFuFu increased its overall mining capacity by 2.6% during the reporting period, reaching 23.5 EH/s on December 31, 2024. With 591,751 registered users, the cloud-mining user base experienced an astounding 94.5% rise.