- BitFuFu reported $475.8 million in 2025 revenue (+2.7%) but posted a net loss of $57.4 million.
- Cloud mining now accounts for 73.7% of revenue, with nearly 676,000 users and stable retention.
- Despite profitability pressure, the company maintained a stable balance sheet with approximately $177M in assets.
Nasdaq-listed BitFuFu Inc, the Singapore-based Bitcoin miner and cloud mining platform, reported a 2.7% increase in total revenue to $475.8 million and a net loss of $57.4 million in the release of the unaudited version of its financial results for 2025.
According to the published document, BitFuFu grew its mining platform, expanded its total hashrate capacity, and recorded a bump in revenue.
The company stated that the moves it made in 2025 were a deliberate and disciplined structural transformation designed to build resilience against one of the toughest years the industry has faced since the 2024 halving.
Since the April 2024 halving reduced the Bitcoin block reward to 3.125 BTC, the economics of proof-of-work mining have deteriorated across the sector. Hashprice, the daily revenue earned per unit of computing power, has fallen considerably while network difficulty has also risen to successive all-time highs.
It is under these conditions that BitFuFu has been able to grow its revenues and hold its treasury balance steady, which is not the standard among its contemporaries.
Why did BitFuFu report losses despite rising revenue?
The main reason BitFuFu recorded a net loss was because of the $32.8 million fair-value loss on its Bitcoin holdings and digital asset receivables. Most of these value hemorrhage occurred in the fourth quarter as Bitcoin’s price retreated from its October peak of above $126,000 to around $91,000 by late November, a decline of about 28%.
The platform recorded $75.6 million in fair-value gain in 2024, when Bitcoin’s appreciation through the year flattered the income statement. Equipment impairments related to unfavorable market conditions compounded the pain.
Adjusted EBITDA fell to $8.3 million from $117.9 million the year before.
The average cost to produce one Bitcoin from BitFuFu’s self-mining operations climbed to $77,573 in 2025, up from $47,496 in 2024, driven by a 52.1% decline in Bitcoin daily earnings per terahash and an industry-wide surge in network difficulty.
In all these, the company’s balance sheet, however, held firm as its combined cash and digital assets remained relatively flat at $177.1 million at year-end, compared with $175.1 million twelve months earlier.
BitFuFu turns cloud mining into revenue machine
Cloud Mining Solutions, in which customers purchase access to managed hashrate rather than operating their own hardware, generated $350.6 million in 2025, up 29.4% year-on-year and equivalent to 73.7% of total revenue, compared with 58.5% in 2024.
Registered users on the cloud platform rose 14.2% to 675,765, and the company recorded a net dollar retention rate of 100%.
Cloud Mining Solutions’ total mining capacity under management rose 11.1% to 26.1 exahashes per second despite a contraction in hosting capacity to 478 MW from 551 MW.
Equipment sales also made up for a healthy chunk of cash inflow. The firm sold mining equipment worth about $53.7 million in 2025, a healthy increase from the $30.5 million it reported in 2024. Those numbers also accounted for slower demand by year-end compared to the first three quarters.
“We continued to scale our cloud-mining platform, growing Cloud Mining Solutions revenue to $350.6 million and expanding total mining capacity under management to 26.1 EH/s,” said Leo Lu, chairman and CEO, adding that the company had “maintained rigorous operational discipline throughout 2025.”
The CEO added that they ended the year with $177.1 million of combined cash and digital assets and built a solid foundation to navigate the current weaker market conditions.