BitFuFu Plans $150M ATM Amid Bitcoin Miner Funding Slowdown
Bitcoin mining and cloud mining service provider BitFuFu (NASDAQ: FUFU) has launched a new at-the-market (ATM) share offering program to raise up to $150 million amid tightened mining economics.
The company said in an SEC filing on Wednesday that it entered into an ATM Sales Agreement on June 10 with B. Riley Securities, Cantor Fitzgerald, Northland Securities, and Roth Capital Partners.
Under the agreement, BitFuFu may issue and sell Class A ordinary shares from time to time at its own discretion through the agents, with shares to be sold on Nasdaq or other trading markets.
Sales under the ATM program will be made pursuant to an existing shelf registration that became effective on April 25. The agents will receive commissions of up to 3% of gross proceeds on any shares sold, while BitFuFu has granted them customary indemnification rights.
The move comes as Bitcoin miners globally face tighter margins following Bitcoin’s rising mining difficulty and the declining on-chain fee markets.
Meanwhile, public miners are facing a more challenging fundraising environment. U.S.-listed mining companies collectively raised over $1 billion through equity offerings in each quarter from Q4 2023 through Q4 2024, capitalizing on stronger market sentiment amid Bitcoin’s market rally.
However, that momentum cooled significantly in Q1 2025, with total equity raises falling to roughly $600 million, reflecting the broader sell-off in mining stocks and tighter hashprice conditions post-halving.
