On January 25, BitFuFu, a Bitmain-backed cloud mining company, announced plans to go public in the US through a merger with special-purpose acquisition vehicle, Arisz Acquisition Corp. The
merger
Merger
A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers differ from acquisitions, where the buy absorbed all the assets and liabilities of another. A purchase does not necessarily have to be friendly. One business or venture could simply buy up enough shares of a corporation to control it without the consent of its previous controllers, whereas a merger is usually by understanding. A merger is usually a decision by two companies to combine all operations, officers, structure, and other functions of the business. Who Benefits from Mergers?Mergers are meant to be mutually beneficial for the parties involved. In the case of two publicly-traded companies, a merger usually involves one company giving shareholders in the other its stock in exchange for surrendering the stock of the first company. The acquiring company continues to function, and the acquired company ceases to exist. This does not mean that the brand disappears. An example is when Kmart Holdings and Sears merged in 2004. The two corporations announced the combining Sears and Kmart into a significant new retail company named Sears Holdings Corporation. Sears Holdings is the nation’s third-largest retailer, with approximately $55 billion in annual revenues and a national footprint of nearly 3,500 retail stores in the United States. Both Kmart and Sears stores continued to operate under their brand names and identities. Kmart and Sears shareholders each approved the combination.
A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers differ from acquisitions, where the buy absorbed all the assets and liabilities of another. A purchase does not necessarily have to be friendly. One business or venture could simply buy up enough shares of a corporation to control it without the consent of its previous controllers, whereas a merger is usually by understanding. A merger is usually a decision by two companies to combine all operations, officers, structure, and other functions of the business. Who Benefits from Mergers?Mergers are meant to be mutually beneficial for the parties involved. In the case of two publicly-traded companies, a merger usually involves one company giving shareholders in the other its stock in exchange for surrendering the stock of the first company. The acquiring company continues to function, and the acquired company ceases to exist. This does not mean that the brand disappears. An example is when Kmart Holdings and Sears merged in 2004. The two corporations announced the combining Sears and Kmart into a significant new retail company named Sears Holdings Corporation. Sears Holdings is the nation’s third-largest retailer, with approximately $55 billion in annual revenues and a national footprint of nearly 3,500 retail stores in the United States. Both Kmart and Sears stores continued to operate under their brand names and identities. Kmart and Sears shareholders each approved the combination.
Read this Term deal would involve a transaction of $70 million of fully committed investment financing led by Bitmain, the bitcoin mining-rig maker, and a spinoff company, Antpool Technologies.
The merger is important to BitFuFU. The deal is expected to bring more than $129 million in net cash profits for the cloud mining platform. The merged firm is set to have a pro forma value of $1.5 billion, 4.6 times more than the projected 2020 revenue. The combined company is planned to be named as BitFUFU Inc, which would be listed on the Nasdaq
Stock exchange
Stock Exchange
A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the financial market and some of the most visible entities in the entire industry. Nearly every developed country boasts a domestic stock exchange, with many varying in importance and size.The largest stock exchanges in the world as of May 2020 include the New York Stock Exchange (NYSE), NASDAQ, Tokyo Stock Exchange, Hong Kong Stock Exchange, London Stock Exchange, EURONEXT, and Shenzen Stock Exchange. What Functions Do Stock Exchanges Perform?Stock exchanges have a variety of utility within the modern financial system. As its name suggests, a stock exchange is often the most important component of a stock market.Another crucial element of stock exchanges is the prevalence of initial public offerings (IPOs) of company stocks and bonds to investors. This is performed in both the primary market and subsequent trading the secondary market.Not any company or entity can be included on a stock exchange. To be able to trade a security on a certain exchange requires the listing of specific securities. Trading on an exchange is restricted to certified brokers who are members of the exchange. The traditional image of crowded trading floors has waned in recent years to include other various other trading venues.This includes electronic communication networks, alternative trading systems and “dark pools” which have ultimately seen the migration of trading activity away from traditional stock exchanges.
A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the financial market and some of the most visible entities in the entire industry. Nearly every developed country boasts a domestic stock exchange, with many varying in importance and size.The largest stock exchanges in the world as of May 2020 include the New York Stock Exchange (NYSE), NASDAQ, Tokyo Stock Exchange, Hong Kong Stock Exchange, London Stock Exchange, EURONEXT, and Shenzen Stock Exchange. What Functions Do Stock Exchanges Perform?Stock exchanges have a variety of utility within the modern financial system. As its name suggests, a stock exchange is often the most important component of a stock market.Another crucial element of stock exchanges is the prevalence of initial public offerings (IPOs) of company stocks and bonds to investors. This is performed in both the primary market and subsequent trading the secondary market.Not any company or entity can be included on a stock exchange. To be able to trade a security on a certain exchange requires the listing of specific securities. Trading on an exchange is restricted to certified brokers who are members of the exchange. The traditional image of crowded trading floors has waned in recent years to include other various other trading venues.This includes electronic communication networks, alternative trading systems and “dark pools” which have ultimately seen the migration of trading activity away from traditional stock exchanges.
Read this Term market under the ticker symbol FUFU.
BitFUFU aims to provide a “one-stop hashrate solution provider for miners of all sizes,” and offer cloud-mining, self-mining and miner hosting effectively to allow users to invest in cryptocurrency mining without having to operate the facilities. The company expects to increase from 3 EH/s (exahash/second) at the end of 2021 to 10 EH/s by the end of 2022.
The deal is expected to be completed in Q3, though pending stockholder and regulatory approval. According to the press release, BitFUFU’s management would remain at the company’s helm and existing BitFUFU stockholders will hold onto their equity in full.
Leo Lu, the Founder and CEO of BitFuFu, stated why the merger is important for the firm: “Entering this transaction now is the most optimal and strategic timing for enduring our rapid growth trajectory and increasing our global footprint in the crypto-mining industry. This milestone of becoming a publicly-traded company through our merger with ARIZ will further drive improvements to our corporate governance, increase transparency and attract new talent to help us achieve our vision of becoming the top digital asset mining company.”
BitFuFu was established in 2020 with investment from Bitmain, the world’s largest bitcoin mining hardware manufacturer. The company is Bitmain’s exclusive cloud mining partner.
Bitmain Wants to Make Crypto Mining Easier
The announcement by BitFUFU reinforces Bitmain’s commitment to make Bitcoin mining easier and more accessible to the public. BitFUFU hosts mining machines in data centers operated by third parties and rents out the computing power to customers. Over 50% of its computing power is located in Kazakhstan. Last year, the Kazakh government introduced harsh limits on energy-intensive Bitcoin mining. As a result, BitFUFU plans to expand its mining facilities in North America.
Meanwhile, Bitmain recently launched AntSentry International, the global version of the cloud-based operation and maintenance management system. The new version helps cryptocurrency miners and data centers across the world to gain a competitive advantage. The new version brings multiple functions, including batch operations, real-time miner monitoring and automatic maintenance to customers worldwide. AntSentry is compatible with multiple mining pools including F2Pool, HuobiPool, AntPool and BTC.com. Bitmain has been working to expand the presence of AntSentry to international regions like the US, Europe and Western Asia.
On January 25, BitFuFu, a Bitmain-backed cloud mining company, announced plans to go public in the US through a merger with special-purpose acquisition vehicle, Arisz Acquisition Corp. The
merger
Merger
A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers differ from acquisitions, where the buy absorbed all the assets and liabilities of another. A purchase does not necessarily have to be friendly. One business or venture could simply buy up enough shares of a corporation to control it without the consent of its previous controllers, whereas a merger is usually by understanding. A merger is usually a decision by two companies to combine all operations, officers, structure, and other functions of the business. Who Benefits from Mergers?Mergers are meant to be mutually beneficial for the parties involved. In the case of two publicly-traded companies, a merger usually involves one company giving shareholders in the other its stock in exchange for surrendering the stock of the first company. The acquiring company continues to function, and the acquired company ceases to exist. This does not mean that the brand disappears. An example is when Kmart Holdings and Sears merged in 2004. The two corporations announced the combining Sears and Kmart into a significant new retail company named Sears Holdings Corporation. Sears Holdings is the nation’s third-largest retailer, with approximately $55 billion in annual revenues and a national footprint of nearly 3,500 retail stores in the United States. Both Kmart and Sears stores continued to operate under their brand names and identities. Kmart and Sears shareholders each approved the combination.
A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers differ from acquisitions, where the buy absorbed all the assets and liabilities of another. A purchase does not necessarily have to be friendly. One business or venture could simply buy up enough shares of a corporation to control it without the consent of its previous controllers, whereas a merger is usually by understanding. A merger is usually a decision by two companies to combine all operations, officers, structure, and other functions of the business. Who Benefits from Mergers?Mergers are meant to be mutually beneficial for the parties involved. In the case of two publicly-traded companies, a merger usually involves one company giving shareholders in the other its stock in exchange for surrendering the stock of the first company. The acquiring company continues to function, and the acquired company ceases to exist. This does not mean that the brand disappears. An example is when Kmart Holdings and Sears merged in 2004. The two corporations announced the combining Sears and Kmart into a significant new retail company named Sears Holdings Corporation. Sears Holdings is the nation’s third-largest retailer, with approximately $55 billion in annual revenues and a national footprint of nearly 3,500 retail stores in the United States. Both Kmart and Sears stores continued to operate under their brand names and identities. Kmart and Sears shareholders each approved the combination.
Read this Term deal would involve a transaction of $70 million of fully committed investment financing led by Bitmain, the bitcoin mining-rig maker, and a spinoff company, Antpool Technologies.
The merger is important to BitFuFU. The deal is expected to bring more than $129 million in net cash profits for the cloud mining platform. The merged firm is set to have a pro forma value of $1.5 billion, 4.6 times more than the projected 2020 revenue. The combined company is planned to be named as BitFUFU Inc, which would be listed on the Nasdaq
Stock exchange
Stock Exchange
A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the financial market and some of the most visible entities in the entire industry. Nearly every developed country boasts a domestic stock exchange, with many varying in importance and size.The largest stock exchanges in the world as of May 2020 include the New York Stock Exchange (NYSE), NASDAQ, Tokyo Stock Exchange, Hong Kong Stock Exchange, London Stock Exchange, EURONEXT, and Shenzen Stock Exchange. What Functions Do Stock Exchanges Perform?Stock exchanges have a variety of utility within the modern financial system. As its name suggests, a stock exchange is often the most important component of a stock market.Another crucial element of stock exchanges is the prevalence of initial public offerings (IPOs) of company stocks and bonds to investors. This is performed in both the primary market and subsequent trading the secondary market.Not any company or entity can be included on a stock exchange. To be able to trade a security on a certain exchange requires the listing of specific securities. Trading on an exchange is restricted to certified brokers who are members of the exchange. The traditional image of crowded trading floors has waned in recent years to include other various other trading venues.This includes electronic communication networks, alternative trading systems and “dark pools” which have ultimately seen the migration of trading activity away from traditional stock exchanges.
A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the financial market and some of the most visible entities in the entire industry. Nearly every developed country boasts a domestic stock exchange, with many varying in importance and size.The largest stock exchanges in the world as of May 2020 include the New York Stock Exchange (NYSE), NASDAQ, Tokyo Stock Exchange, Hong Kong Stock Exchange, London Stock Exchange, EURONEXT, and Shenzen Stock Exchange. What Functions Do Stock Exchanges Perform?Stock exchanges have a variety of utility within the modern financial system. As its name suggests, a stock exchange is often the most important component of a stock market.Another crucial element of stock exchanges is the prevalence of initial public offerings (IPOs) of company stocks and bonds to investors. This is performed in both the primary market and subsequent trading the secondary market.Not any company or entity can be included on a stock exchange. To be able to trade a security on a certain exchange requires the listing of specific securities. Trading on an exchange is restricted to certified brokers who are members of the exchange. The traditional image of crowded trading floors has waned in recent years to include other various other trading venues.This includes electronic communication networks, alternative trading systems and “dark pools” which have ultimately seen the migration of trading activity away from traditional stock exchanges.
Read this Term market under the ticker symbol FUFU.
BitFUFU aims to provide a “one-stop hashrate solution provider for miners of all sizes,” and offer cloud-mining, self-mining and miner hosting effectively to allow users to invest in cryptocurrency mining without having to operate the facilities. The company expects to increase from 3 EH/s (exahash/second) at the end of 2021 to 10 EH/s by the end of 2022.
The deal is expected to be completed in Q3, though pending stockholder and regulatory approval. According to the press release, BitFUFU’s management would remain at the company’s helm and existing BitFUFU stockholders will hold onto their equity in full.
Leo Lu, the Founder and CEO of BitFuFu, stated why the merger is important for the firm: “Entering this transaction now is the most optimal and strategic timing for enduring our rapid growth trajectory and increasing our global footprint in the crypto-mining industry. This milestone of becoming a publicly-traded company through our merger with ARIZ will further drive improvements to our corporate governance, increase transparency and attract new talent to help us achieve our vision of becoming the top digital asset mining company.”
BitFuFu was established in 2020 with investment from Bitmain, the world’s largest bitcoin mining hardware manufacturer. The company is Bitmain’s exclusive cloud mining partner.
Bitmain Wants to Make Crypto Mining Easier
The announcement by BitFUFU reinforces Bitmain’s commitment to make Bitcoin mining easier and more accessible to the public. BitFUFU hosts mining machines in data centers operated by third parties and rents out the computing power to customers. Over 50% of its computing power is located in Kazakhstan. Last year, the Kazakh government introduced harsh limits on energy-intensive Bitcoin mining. As a result, BitFUFU plans to expand its mining facilities in North America.
Meanwhile, Bitmain recently launched AntSentry International, the global version of the cloud-based operation and maintenance management system. The new version helps cryptocurrency miners and data centers across the world to gain a competitive advantage. The new version brings multiple functions, including batch operations, real-time miner monitoring and automatic maintenance to customers worldwide. AntSentry is compatible with multiple mining pools including F2Pool, HuobiPool, AntPool and BTC.com. Bitmain has been working to expand the presence of AntSentry to international regions like the US, Europe and Western Asia.
Source: https://www.financemagnates.com/cryptocurrency/bitfufu-announces-plans-to-go-public-in-us-via-spac/