Bitfufu Inc. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $478m, up 3.1% on a year earlier, slower than the 63.1% growth a quarter earlier. The diluted share count is up 2.5% on a year earlier, which dilutes existing holders.
Our models give no value for Bitfufu at present, so past values are not shown.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Bitfufu Inc.'s trailing-twelve-month revenue grew 3.1% year on year, with a free-cash-flow margin of -29.5%. Where it stands out: stock pay as % of revenue of 0.1% ranks 2 of 32 internet services & infrastructure companies we cover. Where it lags: change in growth rate of -60.0pp ranks 30 of 34 internet services & infrastructure companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 3.1% (-60.0pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Bitfufu Inc.'s latest figures clears our strength thresholds.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for FUFU from the sources we follow. See filings →
Reported holdings, with the date attached
Balance date: not reconciled
This measures the reported treasury after the equity-bridge claims. It excludes the operating business, mining equipment and other assets, and is not updated for crypto price moves or purchases since the filing. A treasury deficit does not mean the whole company has negative equity value.
Crypto holdings are stale (reported 2025-12-31); no current position is assumed.
No model value for Bitfufu Inc. at the moment. Current status: reported crypto treasury NAV excludes the operating business. Available reported financials are shown below.
We value Bitfufu Inc. as a crypto treasury or miner, with every model that fits that kind of business. Cost of equity 12.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.64 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Reported crypto treasury NAV Reported crypto holdings at fair value plus cash and short-term investments, less debt, preferred stock and other claims, per listed share. Dated to the filing; excludes the operating business and future token purchases. Not a live crypto NAV. | — | Does not apply: Crypto holdings are stale (reported 2025-12-31); no current position is assumed. |
| Combined value Reported crypto treasury NAV only, not a valuation of the operating business. No growth, price premium or future crypto purchases are assumed. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bitfufu Inc. with crypto treasuries and miners in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 12, 2026, before the open. Analysts expect revenue of $43m and EPS of $0.03 (range $0.03 to $0.03) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.08 | +148% | $202m | −58% |
| Next | $0.07 | −13% | $427m | +111% |
Next year's EPS estimate has moved −82.7% in 90 days, across 1 analysts.
The consensus EPS forecast for the current fiscal year is −78.9% on 90 days ago. In the last 30 days, 0 analysts raised Bitfufu Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.38 | $0.41 |
| 60 days ago | $0.14 | $0.27 |
| 30 days ago | −$0.04 | −$0.06 |
| 7 days ago | −$0.04 | −$0.06 |
| Now | $0.08 | $0.07 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.02 | −$0.03 | −252.5% |
| Mar 2026 | $0.00 | −$0.02 | 0.0% |
| Dec 2025 | $0.03 | −$0.42 | −1768.8% |
| Sept 2025 | $0.02 | $0.07 | +250.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| FUFU | +4% | +8% | −55% | −47% | −62% |
| Industry peers (median) | −81% | +46% | −15% | −10% | −30% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| FUFU | 75% | 75% | 42% | 33% | 27% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| FUFU | −1% | −6% | −80% | −60% | −73% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since December 9, 2021: 93% from March 4, 2024 to October 16, 2026. Getting back needed a 1359% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY21 Q4 | $103M |
| FY22 Q4 | $198.2M |
| FY23 Q4 | $284.1M |
| FY24 Q4 | $463.3M |
| FY25 Q4 | $477.5M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY22 Q4 | 92.3% |
| FY23 Q4 | 43.3% |
| FY24 Q4 | 63.1% |
| FY25 Q4 | 3.1% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY21 Q4 | 5.7% |
| FY22 Q4 | 2.0% |
| FY23 Q4 | 5.8% |
| FY24 Q4 | 14.3% |
| FY25 Q4 | -5.0% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY21 Q4 | -2760.1% |
| FY22 Q4 | -12.9% |
| FY23 Q4 | -77.6% |
| FY24 Q4 | -52.8% |
| FY25 Q4 | -29.5% |
| Fiscal year | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|
| Income | |||||
| Revenue | 103 | 198 | 284 | 463 | 478 |
| Gross profit | 9 | 36 | 13 | 30 | 29 |
| EBITDA | 2,866 | 22 | 41 | 91 | 4 |
| Operating income | 6 | 4 | 17 | 66 | −24 |
| Net income | 5 | 2 | 10 | 54 | −31 |
| Diluted EPS | $0.03 | $0.02 | $0.07 | $0.33 | −$0.18 |
| Growth (year on year) | |||||
| Revenue | — | +92.3% | +43.3% | +63.1% | +3.1% |
| EBITDA | — | −99.2% | +86.2% | +121.4% | −95.4% |
| Operating income | — | −33.2% | — | +299.5% | −135.9% |
| Net income | — | −50.4% | — | +414.2% | −157.9% |
| Diluted EPS | — | −33.3% | — | +371.4% | −154.5% |
| Margins | |||||
| Gross margin | 8.8% | 18.3% | 4.5% | 6.4% | 6.1% |
| EBITDA margin | >999% | 11.1% | 14.5% | 19.6% | 0.9% |
| Operating margin | 5.7% | 2.0% | 5.8% | 14.3% | −5.0% |
| Net margin | 4.8% | 1.2% | 3.7% | 11.6% | −6.5% |
| Cash flow | |||||
| Cash from operations | 16 | −7 | −196 | −220 | −113 |
| Stock-based pay | — | — | — | 26 | 1 |
| Balance sheet | |||||
| Cash | 13 | 60 | 32 | 38 | 28 |
| Total debt | 0 | 111 | 104 | 101 | 109 |
| Net debt (negative = net cash) | −13 | 50 | 72 | 63 | 82 |
| Diluted shares | 143m | 149m | 150m | 166m | 170m |
| Returned to shareholders | |||||
| Buybacks | — | 2 | — | — | — |
| Total returned | — | 2 | — | — | — |
| Last 12 months unless stated | FUFU | CORZ | FVRR | NBIS | RIOT | FSLY | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $478m | $440m | $431m | $530m | $675m | $687m | $242m |
| Revenue growth, last 12 months | 3.1% | 26.4% | 10.1% | 479.0% | 24.5% | 20.4% | 8.3% |
| Revenue growth, 3-year average | — | −6.1% | — | −24.0% | 38.0% | 13.6% | 7.6% |
| Revenue growth, latest quarter | — | 108.8% | — | — | 13.9% | 23.3% | 5.5% |
| Gross margin | 6.1% | 28.3% | 81.6% | 68.6% | 62.4% | 61.5% | 49.5% |
| Operating margin | −5.0% | −127.4% | −0.3% | −115.5% | −199.2% | −12.0% | −56.0% |
| Operating margin, 3-year average | — | −62.2% | −17.7% | −35.1% | −58.8% | −24.9% | −25.3% |
| Net margin | −6.5% | −324.9% | 4.9% | 15.6% | −196.3% | −11.8% | −55.8% |
| Cash from operations / revenue | −23.6% | 118.2% | 24.3% | 72.6% | −73.0% | 17.4% | −10.4% |
| Free-cash-flow margin | −29.5% | −217.5% | 24.1% | −694.8% | −115.1% | 7.4% | −25.9% |
| Free-cash-flow margin, 3-year average | — | −97.0% | 7.3% | −230.9% | −114.1% | 3.4% | −17.4% |
| Stock pay / revenue | 0.1% | 21.3% | 11.9% | 15.7% | 20.9% | 19.7% | 11.9% |
| Change in share count | 2.5% | −0.4% | −1.8% | −11.9% | 44.8% | 7.1% | 5.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 3.1% | 10.1% | 22 of 34 |
| Change in growth rate Growth | -60.0pp | -0.6pp | 30 of 34 |
| Operating margin Profitability | -5.0% | -49.3% | 12 of 33 |
| Net margin Profitability | -6.5% | -47.1% | 13 of 34 |
| Stock pay as % of revenue Cash generation | 0.1% | 12.4% | 2 of 32 |
| Long-term debt as % of assets Balance sheet | 26.4% | 20.2% | 15 of 25 |
| Change in share count Balance sheet | 2.5% | 5.2% | 13 of 26 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Mirae Asset Global Etfs Holdings Ltd. | $782,360 | 555K | 56.1% | ▲ 16.0% |
| Vident Advisory, LLC | $265,065 | 188K | 19.0% | ▲ 8.3% |
| Renaissance Technologies LLC | $120,132 | 85K | 8.6% | ▲ 49.1% |
| Cambridge Investment Research Advisors, Inc. | $80,000 | 57K | 5.7% | ▲ 155.5% |
| Geode Capital Management, LLC | $38,010 | 27K | 2.7% | ▲ 55.5% |
| Millennium Management LLC | $30,907 | 22K | 2.2% | New |
| Jane Street Group, LLC | $27,250 | 19K | 2.0% | New |
| Engineers Gate Manager LP | $23,926 | 17K | 1.7% | New |
| UBS Group AG | $18,429 | 13K | 1.3% | ▼ 26.5% |
| Morgan Stanley | $4,256 | 3K | 0.3% | ▲ 14.8% |
| Osaic Holdings, Inc. | $1,692 | 1K | 0.1% | 0.0% |
| Blackrock, Inc. | $1,483 | 1K | 0.1% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bitfufu Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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