BitFuFu grows its bitcoin stack
Singapore-based bitcoin miner BitFuFu added 66 BTC to its treasury, bringing total holdings to 1,454 BTC. The Nasdaq-listed company trades under FUFU. Bitcoin Treasuries data places it 38th in the Bitcoin 100 ranking after the move.
The increase is dated Oct. 31, so it came before the latest wave of selling pressure across crypto markets. That timing matters. The market has been under stress in recent days, but this purchase was already on the books.
At the end of September, BitFuFu reported 1,388 BTC. The October figure shows a 4.8% month-over-month rise. It also marks the third straight month of growth in its bitcoin holdings. The company, it seems, is not stepping back from accumulation.
Mining output slips as difficulty rises
The treasury growth came even as BitFuFu mined fewer coins. Its October operational report shows 137 BTC mined, down from 167 BTC in September. That is an 18% drop. Of the October total, 67 BTC came from self-mining and 70 BTC from cloud mining.
Bitcoin mining difficulty rose about 11.8% in October, which likely weighed on output. BitFuFu still kept its managed hashrate nearly flat at 19.5 EH/s, compared with 19.4 EH/s in September. So the company held its computing power steady while production fell. I think that helps explain why the treasury increase stands out.
Company keeps to its bitcoin plan
BitFuFu Chairman and CEO Leo Lu restated the company’s commitment to increasing its bitcoin holdings. The firm has now shown three months of additions, even with mining conditions getting harder. Public miners often face a trade-off between selling coins to cover costs and holding them as a reserve. BitFuFu appears to be choosing the reserve side for now.
The recent crypto sell-off may test that approach. If prices stay weak, holding more BTC can pressure cash flow, especially when mining output is lower. But the October data suggests BitFuFu is willing to keep building its position. For now, its treasury stands at 1,454 BTC, and the market will watch whether that number keeps rising in November.
