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Cloud Mining Firm BitFuFu to Delay SPAC IPO as Appetite for Crypto Stocks Languishes
The company has now set a deadline of May to complete its listing.
Updated May 9, 2023, 4:07 a.m. Published Feb 7, 2023, 5:35 p.m.
Cloud mining firm BitFuFu is further delaying its public listing via a special-purpose acquisition company (SPAC) to May, as interest in the sector remains sluggish.
The firm, part of Bitmain's family of companies, announced it would go public in January 2022 by merging with Arisz Acquisition Corp. (ARIZ). It has now twice exercised its right to push the merger back by three months, with May 22, 2023, being the new deadline for the completion of the deal, according to a Tuesday press release. BitFuFu will not be able to postpone the merger again unless the shareholders agree to change Arisz's governing documents.
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As the crypto industry continues to reel from the collapse of major companies such as FTX, firms have reconsidered their intentions to raise money in the public markets and face the accompanying regulatory scrutiny.
Fellow miner Bitdeer might delay its public listing via SPAC to as late as December, according to a November 2022 filing. In December, stablecoin issuer Circle and crypto exchange Bullish cancelled their planned SPAC listings.
Read more: Bitmain Redux: Bitdeer and BitFuFu Are About to Test US Stock Market's Mining Appetite
UPDATE (Feb. 8, 8:40 UTC): Adds detail about changing governing documents in second paragraph.
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