{"id":549549,"date":"2023-02-09T00:30:00","date_gmt":"2023-02-08T21:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cloud-mining-firm-bitfufu-postpones-merger-with-spac-until-may\/"},"modified":"2023-02-09T00:30:00","modified_gmt":"2023-02-08T21:30:00","slug":"cloud-mining-firm-bitfufu-postpones-merger-with-spac-until-may","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cloud-mining-firm-bitfufu-postpones-merger-with-spac-until-may\/","title":{"rendered":"# Cloud mining firm BitFuFu postpones merger with SPAC until May"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a291c4fd8962\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a291c4fd8962\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cloud-mining-firm-bitfufu-postpones-merger-with-spac-until-may\/#%E2%80%9D_Cloud_mining_firm_BitFuFu_postpones_merger_with_SPAC_until_May_%E2%80%9C\" >&#8221; Cloud mining firm BitFuFu postpones merger with SPAC until May &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Cloud_mining_firm_BitFuFu_postpones_merger_with_SPAC_until_May_%E2%80%9C\"><\/span>&#8221; Cloud mining firm BitFuFu postpones merger with SPAC until May &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvNGJmMjc1MWYtNzFkMy00ODc2LWI1OWYtODRmZTUzZWM2ZmI1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4bbf85c5>Cloud mining firm Bitfufu, one of Bitmain&#8217;s crypto firms, is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2023\/02\/07\/2603122\/0\/en\/Arisz-Acquisition-Corp-Announces-Intent-to-Extend-Deadline-to-Complete-Business-Combination.html\">delaying<\/a> for the second time its plans to go public via a special-purpose acquisition company (SPAC), according to a statement on Feb. 7.\u00a0<\/p>\n<p>The company announced its plans to go public in January 2022 through a merger with the SPAC company Arisz Acquisition Corp, anticipating to be publicly listed in the third quarter of that year and a pro forma enterprise value of nearly $1.5 billion. The new decision will postpone the public listing to May, helping the companies to consummate the business combination. <\/p>\n<p>&#8220;The Extension provides Arisz with additional time to complete its proposed business combination with Finfront Holding Company (\u201cBitFuFu\u201d),&#8221; said the statement.<\/p>\n<p>The extension is the second of two three-month extensions permitted under Arisz&#8217;s governing documents. In other words, unless its shareholders <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>rove a revision in its governing documents, the crypto cloud company is unable to delay the merger again.\u00a0Alongside the new deadline, the move will provide an additional $690,000 to Arisz operations.<\/p>\n<p><strong><em>Related:\u00a0How to mine Bitcoin at home<\/em><\/strong><\/p>\n<p>BitFuFu was founded with early investment from crypto hardware firm Bitmain and its core founding team members. In Feb 2022, Bitmain and BitFuFu announced a strategic partnership to offer standardized crypto mining services.<\/p>\n<p>Market conditions and the crypto winter have impacted many crypto firm&#8217;s public listing plans. On Dec. 5, the company issuer of USD Coin (USDC) Circle\u00a0disclosed the mutual termination of its merger with the SPAC company Concord Acquisition. Circle was\u00a0valued at $4.5 billion when the deal was announced in July 2021.<\/p>\n<p>Crypto firm Bullish also announced in December 2022 that a\u00a0deal to go public had been terminated after reaching an agreement with Far Peak Acquisition. The company cited market conditions and the United States Securities and Exchange Commission&#8217;s work to introduce new frameworks for digital assets as reasons for not moving forward.<\/p>\n<p>The IPOX SPAC index benchmark performance, which tracks aftermarket performance of SPAC companies,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ipox.com\/ipox-spac-index\">fell<\/a> by 9.04% over the past 12 months.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/cloud-mining-firm-bitfufu-postpones-merger-with-spac-until-may\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Cloud mining firm BitFuFu postpones merger with SPAC until May &#8220; Cloud mining firm Bitfufu, one of Bitmain&#8217;s crypto firms, is delaying for the second time its plans to go public via a special-purpose acquisition company (SPAC), according to a statement on Feb. 7.\u00a0 The company announced its plans to go public in January&#8230;<\/p>\n","protected":false},"author":1,"featured_media":549550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/4bf2751f-71d3-4876-b59f-84fe53ec6fb5.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[80944,77135,74863,75042,117],"class_list":["post-549549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitmain","tag-cloud-mining","tag-cryptocurrencies","tag-mining","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/549549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=549549"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/549549\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/549550"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=549549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=549549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=549549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}