BitFuFu (FUFU) Stock: Revenue Doubles in Q3 as Cloud Mining Demand Surges

TLDR

• BitFuFu’s Q3 revenue jumped 100% year-over-year to $180.7 million, driven by cloud mining demand and equipment sales.
• Cloud mining solutions brought in $122 million, making up 68% of total revenue, with mining equipment sales hitting $35 million.
• The company’s registered cloud mining users grew by over 40% to 641,526 compared to last year.
• BitFuFu mined 174 Bitcoin in Q3 and increased total holdings by 19% to 1,962 coins.
• Net income reached $11.6 million, a turnaround from a net loss in the same quarter last year.

BitFuFu posted some impressive numbers for the third quarter of 2025. The Singapore-based Bitcoin miner saw revenue double to $180.7 million compared to the same period last year.

That’s a clean 100% increase year-over-year. The company released its earnings report on Wednesday, showing strong performance across multiple business lines.

Cloud mining solutions carried most of the weight. This segment brought in $122 million, accounting for 68% of total revenue.

BitFuFu Inc., FUFU

The registered user base for cloud mining services grew by over 40%. BitFuFu now serves 641,526 cloud mining users, up from last year’s figures.

Mining equipment sales added another $35 million to the top line. That’s a massive jump from just $0.3 million in Q3 2024.

The company attributes this spike to sustained Bitcoin price increases. Bitcoin averaged $114,500 during Q3 2025, compared to $61,000 in the same quarter last year.

The Dual-Engine Model Pays Off

BitFuFu operates two main revenue streams. The first is cloud mining services where users rent or purchase hashrate without maintaining hardware themselves.

The second is self-mining operations. The company runs its own mining farms and mines Bitcoin directly.

The company mined 174 Bitcoin during the quarter. Total Bitcoin holdings increased by 19% to 1,962 coins compared to last year.

Self-mining revenue saw a slight dip due to increased global blockchain difficulty. However, higher Bitcoin prices offset this decline.

Financial Health Shows Improvement

The bottom line flipped positive. BitFuFu reported net income of $11.6 million, reversing a net loss from Q3 2024.

Adjusted EBITDA climbed to $22.1 million. This reflects better operational efficiency across the board.

Cash and digital assets grew by 51.5% to $254.8 million. The company’s treasury management appears to be working well.

Total mining capacity expanded by 37.4% during the period. This represents continued investment in infrastructure and equipment.

The network hashrate has been climbing too. It currently sits at 1.19 billion, up from 687.19 million one year ago according to analysis platform Ycharts.

Cloud mining lets users participate in cryptocurrency mining without the headache of hardware maintenance and upgrades. That value proposition seems to be resonating with customers.

Lu emphasized the company’s balance sheet strength. He noted it provides flexibility to invest where returns look most compelling.

BitFuFu’s hosting services and machine sales round out the business model. The company sells mining machines and provides hosting services for customers who want more control.

The April 2024 Bitcoin halving cut mining rewards in half. Many miners shifted capacity toward AI and high-power computing hosting services after that event.

BitFuFu has maintained its focus on Bitcoin mining while expanding capacity. The strategy appears to be paying off with strong Q3 results and growing user numbers.

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