Bitfufu vs Hut 8
Bitfufu is the larger business, with $478m of revenue in fiscal 2025 against $235m for Hut 8 (2.0 times as much). Hut 8 grew faster (44.8% against 3.1%). Bitfufu kept more of each dollar of sales as profit: a net margin of -6.5% against -96.2%. Hut 8 carries less debt relative to equity (28.8% against 73.1%).
| Latest fiscal year | BitfufuFUFU, 2025 | Hut 8HUT, 2025 |
|---|---|---|
| Revenue | $478m | $235m |
| Revenue growth | 3.1% | 44.8% |
| Net income | −$31.3m | −$226m |
| Operating margin | -5.0% | -136.9% |
| Net margin | -6.5% | -96.2% |
| Return on equity | -20.0% | -18.9% |
| Free cash flow | — | — |
| Cash | $27.8m | $44.9m |
| Total debt | $109m | $409m |
| Debt to equity | 73.1% | 28.8% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | — | 248 |
| Market value | $168m | $7.79bn |
| Price vs our value range | — | — |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 16 sales |