NEW YORK - Arisz Acquisition Corp. (NASDAQ: ARIZ), a special purpose acquisition company, announced the successful completion of its merger with BitFuFu (Finfront Holding Company), a prominent player in the digital asset mining industry. The merger was approved by shareholders of both entities on February 28, 2024.
The combined entity, now known as BitFuFu Inc., is expected to start trading on the Nasdaq Stock Market under the new ticker symbols "FUFU" for its Class A ordinary shares and "FUFUW" for its warrants, beginning on March 1, 2024.
BitFuFu, which has received early investment from Bitmain and is their exclusive strategic partner in cloud mining, focuses on providing secure and intelligent digital asset mining solutions. The company aims to expand its global footprint in the digital asset industry, leveraging its technology platform and advanced mining machines.
Leo Lu, Founder and CEO of BitFuFu, expressed gratitude towards shareholders, employees, partners, and stakeholders for their role in reaching this milestone. He emphasized the company's commitment to corporate governance and transparency as it transitions into a public company. The proceeds from the transaction are intended to bolster BitFuFu's offerings, including cloud-mining, self-mining, and miner hosting services.
Echo Hindle-Yang, Chairwoman and CEO of Arisz Acquisition Corp., highlighted the significance of the listing on Nasdaq and the expected enhancement of BitFuFu's market dominance through its advanced technology and strategic partnership with Bitmain.
The merger is also supported by a $74 million private investment in public equity (PIPE) that aims to accelerate BitFuFu's growth in the cloud mining and digital asset services sector.
BitFuFu's business model, which encompasses cloud-mining, miner hosting, and self-mining, positions it to navigate market volatility and contribute to the integration of the global digital asset mining industry.
The information in this article is based on a press release statement from Arisz Acquisition Corp.
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