BitFuFu Posts $475.6M 2025 Revenue, 29% Cloud Mining Growth
BitFuFu generated $475.6 million in full-year 2025 revenue, led by a 29% increase in cloud mining to $350.6 million, and ended the year with 26.1 EH/s hashrate capacity. The company recorded a $57.4 million net loss and saw gross margin decline to 5.7%, while boosting Bitcoin holdings to 1,830.
1. 2025 Financial Results
BitFuFu reported $475.6 million in total revenue for 2025, marking stable top-line growth driven by its diversified business segments. Despite the revenue increase, the company recorded a net loss of $57.4 million, down from net income of $54 million in 2024.
2. Growth in Cloud Mining and Capacity
The cloud mining unit generated $350.6 million, up 29% year-over-year, and accounted for nearly 74% of total revenue. The company expanded managed hashrate to 26.1 EH/s and secured 478 megawatts of power capacity, while diversifying suppliers to mitigate concentration risk.
3. Profitability and Cost Pressures
Gross profit margin fell to 5.7% from 6.4%, driven by a steep drop in self-mining revenue to $63.1 million and high average cash costs of $77,573 per mined Bitcoin. Unrealized fair value and impairment losses on Bitcoin holdings also contributed to the full-year loss.
4. Liquidity and Strategic Positioning
BitFuFu maintained a conservative debt profile, avoided asset sales during Bitcoin price volatility, and increased its Bitcoin holdings to 1,830 units by February 2026. This liquidity cushion and operational discipline underpin its strategy to navigate ongoing market uncertainty.