NASDAQ-listed company BitFuFu has completed the purchase of a data center in Oklahoma for $20.4 million, enhancing its Bitcoin mining capabilities.
Deal Details
According to reports, BitFuFu priced the deal at $400,000 per megawatt, valuing the 51 MW center at $20.4 million. The transaction was financed from cash reserves and company stock. The Oklahoma data center has been operational since 2022 with an air-cooled container-based infrastructure. The facility is also intended for use as a hardware repair center.
Expansion Plans
The site has potential for further expansion, pending a transmission upgrade study. CEO and Chairman Leo Lu stated this move aligns with the company's 1 GW global expansion plans. BitFuFu offers 556 MW of Bitcoin mining hosting capacity across centers in the U.S., Ethiopia, and Paraguay.
Trump Factor and Implications
Founded in 2020, BitFuFu went public in 2024 after a SPAC merger. Last year, the company signed a 10-year exclusive lease for two U.S. facilities with a combined 33 MW capacity. The deal opens the possibility for significant stake acquisition. With Donald Trump leading a new administration, hopes for favorable crypto policies rise, potentially benefiting BitFuFu and other market participants.
The acquisition of the Oklahoma data center and global expansion plans illustrate BitFuFu's intent to solidify its position in the Bitcoin mining industry, while upcoming regulatory changes under the new U.S. administration could offer fresh opportunities for the company.
