Share this article
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Foundation behind restaking protocol EigenLayer plans bigger rewards for active users
An Incentives Committee would direct programmatic token emissions, focusing allocations on participants that secure AVSs and contribute to the EigenCloud ecosystem.
What to know:
- The Eigen Foundation has unveiled a governance proposal aimed at ushering in new incentives for its EIGEN token, shifting the protocol’s reward strategy to prioritize productive network activity and fee generation.
- Under the plan, a newly formed Incentives Committee would manage token emissions, prioritizing participants who secure Actively Validated Services and expand the EigenCloud ecosystem.
- The proposal includes a fee model that channels revenue from AVS rewards and EigenCloud services back to EIGEN holders, potentially creating deflationary pressure as the ecosystem grows.
Top Stories
