BitFuFu (NASDAQ: FUFU), a Bitcoin mining company based in Singapore, unveiled its unaudited financial results for 2025 on Friday, revealing a strategic shift toward cloud-based mining services in what was a challenging year for the Bitcoin mining sector.
The company reported total revenue of $475.8 million for 2025, marking a modest 2.7% increase from $463.3 million in 2024. This growth was largely fueled by a significant 29.4% jump in its cloud mining division, which generated $350.6 million in revenue and now represents approximately 74% of the company’s total income.
The Traditional Mining Struggle
The cloud mining success came at a cost for the company’s self-mining operations. Revenue from BitFuFu’s own mining activities dropped sharply to $63.1 million, down from $157.5 million in the previous year.
Profitability Challenges
Despite the cloud mining breakthrough, BitFuFu struggled with overall profitability in 2025. The company posted a net loss of $57.4 million, a stark contrast to the $54.0 million profit it reported in 2024. The company attributed this downturn to a $32.8 million book value loss on digital assets and mining equipment, which resulted from the cryptocurrency market’s significant decline during the second half of 2025.
Operational Growth
On the operational front, BitFuFu continued to expand. The company’s managed computing power increased by 11.1% year-over-year to 26.1 EH/s, while its cloud platform saw a 14.2% growth in registered users, reaching approximately 676,000.
CEO’s Outlook
Leo Lu, Chairman and CEO of BitFuFu, commented on the company’s performance: «Throughout 2025, we continued to scale our cloud-mining platform, achieving Cloud Mining Solutions revenue of $350.6 million and expanding total mining capacity under management to 26.1 EH/s. While our GAAP results were affected by unrealized fair value movements in Bitcoin and digital-asset-related receivables, we concluded the year with $177.1 million in combined cash and digital assets. This positions us well to navigate the current market conditions.»
Treasury Holdings
The company closed 2025 with a Bitcoin treasury of 1,778 BTC, representing a 3.4% increase from the previous year.
As for stock performance, BitFuFu shares are currently trading at $2.13 on the Nasdaq, reflecting a 5.38% decline.