Exhibit 99.1

BitFuFu Announces

Full Year 2024 Unaudited Financial Results

SINGAPORE, March 25, 2025 (GLOBE NEWSWIRE) – BitFuFu Inc. (“BitFuFu” or the “Company”) (NASDAQ: FUFU), a global leader in Bitcoin mining and comprehensive mining services, today announced its unaudited financial results for the full year ended December 31, 2024.

Full Year 2024 Financial Highlights

“In 2024, we delivered another year of strong financial performance, driven by continued revenue growth across both our cloud-mining solutions and self-mining businesses,” said Leo Lu, Chairman and CEO of BitFuFu. “The past year was a pivotal one for BitFuFu, highlighted by our successful listing on NASDAQ in March and our strategic transition in the second half of the year from a purely asset-light model to a hybrid model that combines asset-light operations with ownership of data center assets. We now have 164 MW of secured capacity and have clear line of sight toward our goal of adding 1 GW of incremental capacity by the end of 2026. Our cloud mining business continued to gain strong traction, finishing 2024 with nearly 600,000 registered users—almost double the total at the end of 2023.

“Looking ahead to 2025, we are well-positioned for another year of robust revenue growth. We expect our mining capacity to reach approximately 33 EH/s and hosting capacity to be in the range of 650 MW to 800 MW by year-end. At the same time, we plan to further optimize our cost structure through the acquisition of datacenters with competitive electricity pricing, along with fleet upgrades enabled by the framework agreement with our strategic partner Bitmain for the purchase of up to 80,000 S21 series miners. We remain confident in the long-term value of Bitcoin and focus on delivering enhanced value to both our customers and shareholders.”

Full Year 2024 Operational Highlights

Full Year 2024 Financial Review

Total revenue in 2024 was US$463.3 million, representing an increase of 63.1% from US$284.1 million in 2023. This growth was driven by the growth in both our cloud mining and self-mining operations.

Revenue from cloud-mining solutions in 2024 was US$271.0 million, representing an increase of 52.2% from US$178.0 million in 2023, primarily due to (i) increases in repeat purchases of cloud-mining services from both existing customers and new customers acquired during the year of 2024, and (ii) increase in average selling price. Revenue from existing customers was US$208.4 million and revenue from new customers was US$62.6 million in 2024, accounting for 76.9% and 23.1% of total revenue from cloud-mining solutions, respectively. BitFuFu realized a net dollar retention rate of 117.1% for the whole year of 2024, which was calculated by dividing the amount of recurring revenue in 2024 by the amount of revenue in 2023, reflecting strong customer satisfaction and loyalty and the Company’s ability to maintain a substantial portion of revenue from existing customers, essential for driving long-term sustainable growth.

Revenue from Bitcoin self-mining operations in 2024 was US$157.5 million, representing an increase of 57.2% from US$100.2 million in 2023, primarily due to an 77.2% year-over-year increase in the average hash rate used for self-mining operations and a 128.4% year-over-year increase in the annual average price of BTC, which was partially offset by a decrease in BTC output per tera-hash. BTC production from self-mining operations decreased by 29.01% to 2,537 BTCs in 2024, from 3,577 BTCs in 2023. The decrease in BTC production was primarily due to increased blockchain difficulty following the April 2024 Bitcoin halving event and the migration of self-owned mining machines from high-cost to low-cost hosting facilities in the second half of 2024, which resulted in temporary off-rack periods and reduced uptime. This migration ultimately positions the Company for greater long-term efficiency and profitability.

Revenue from selling of mining equipment in 2024 was US$30.5 million, while there was no such revenue in 2023. With the rise in BTC price during 2024, especially during the fourth quarter, the mining equipment transaction market became more active. We seized the opportunity and completed several sales transactions in the fourth quarter of 2024.

Revenue from hosting services and others in 2024 was US$4.3 million, representing a decrease of 27.1% from US$5.9 million in 2023. The decrease was primarily due to the termination of hosting services by certain customers.

In 2024, revenues from cloud-mining solutions, Bitcoin self-mining operations, selling of mining equipment, hosting services and others accounted for 58.5%, 34.0%, 6.6%, and 0.9% of our total revenue in 2024, respectively.

Cost of revenue in 2024 was US$433.6 million, representing an increase of 59.8% from US$271.4 million in 2023. The increase was in line with the increase in our total revenue and was primarily due to costs associated with the expansion of the Company’s cloud-mining solutions and self-mining operations, as well as the resumption of selling of mining equipment in 2024.

Sales and marketing expenses in 2024 were US$7.5 million, increased significantly from US$1.9 million in 2023. Sales and marketing expenses included share-based compensation expenses of US$4.5 million, compared to no such expense in 2023.

General and administrative expenses in 2024 were US$25.3 million, representing an increase of 583.8% from US$3.7 million in 2023, primarily due to (i) US$17.6 million share-based compensation expenses which was nil during last year, (ii) US$2.3 million increase in legal and other consulting expenses along with the expansion of the Company’s business development activities, and (iii) other expenses attributable to being a public company following BitFuFu’s listing in March 2024.

Research and development expenses in 2024 were US$5.6 million, representing an increase of 229.4% from US$1.7 million in 2023. Research and development expenses included share-based compensation expenses of US$3.9 million, compared to no such expense in 2023.

Beginning from January 1, 2024, the Company implemented the early adoption of FASB fair value accounting rules, ASU No. 2023-08, Accounting for and Disclosure of Crypto Assets. The Company recognized a non-cash fair value gain of US$44.3 million on BTC, reflecting a favorable mark-to-market adjustment of BTC price in 2024.

Due to the increase in the volume of BTC sold in 2024, the Company recognized a US$31.3 million gain on the sale of digital assets, compared to US$18.2 million during 2023. The remaining BTC held by the Company is being retained for further potential capital appreciation.

Net income in 2024 was US$54.0 million, representing a significant increase from US$10.5 million in 2023.

Adjusted EBITDA in 2024 was US$117.5 million, representing a significant increase from US$41.7 million in 2023.

As of December 31, 2024, the Company had cash and cash equivalents and digital assets of US$175.1 million, compared with US$76.0 million as of December 31, 2023. The increase was mainly due to (i) funds raised in connection with the Company’s business combination and listing on NASDAQ in March 2024; (ii) BTCs mined and received from business operations in 2024; and (iii) the appreciation on the value of BTCs held by the Company.

Conference Call

The Company’s management team will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Tuesday, March 25, 2025 (8:00 P.M. Singapore Time on the same day).

All participants must register in advance of the conference call using the link provided below. Upon registration, each participant will receive a confirmation email containing dial-in numbers and a unique access PIN, which will be used to join the conference call.

Registration Link: https://edge.media-server.com/mmc/p/psxtq5kh

Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at https://ir.bitfufu.com.

About BitFuFu Inc.

BitFuFu is a global leader in Bitcoin mining and comprehensive mining services, providing customers with one-stop solutions including cloud-mining. BitFuFu received early investment from Bitmain, a world-leading digital asset mining hardware manufacturer, and remains Bitmain’s sole strategic partner in the cloud mining space.

BitFuFu is dedicated to fostering a secure, compliant, and transparent blockchain infrastructure, providing a variety of stable and intelligent digital asset mining solutions to a global customer base. Leveraging its expanding global mining facility network and strategic partnership with BITMAIN, BitFuFu enables institutional customers and digital asset enthusiasts to mine digital assets efficiently.

For more information, please visit https://ir.bitfufu.com.

Non-GAAP Financial Measure

BitFuFu uses and considers Adjusted EBITDA, a non-GAAP financial measure, as a supplemental metrics in reviewing and evaluating its performance. BitFuFu defines Adjusted EBITDA as (1) GAAP net profit/loss, plus (2) adjustments to add back interest expense/(income), income tax expense/(benefit), depreciation and amortization, and (3) adjustments for non-recurring items, if any. BitFuFu believes that this non-GAAP financial measure provides useful information to investors and others in understanding and evaluating the consolidated financial results in the same manner as its management and in comparing financial results across accounting periods. However, Non-GAAP financial measure is not defined under GAAP and are not presented in accordance with GAAP. Non-GAAP financial measure has limitations as analytical tools, which possibly do not reflect all items of expense that affect the Company’s operations. BitFuFu’s calculation of adjusted EBITDA may be different from the calculation methods of other companies, and therefore, the comparability of such measure may be limited. In addition, this non-GAAP financial measure adjusts for the impact of items that BitFuFu does not consider indicative of the operational performance of its business and should not be considered in isolation or construed as an alternative to net profit/loss or any other measure of performance or as an indicator of its future performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

For more information on the non-GAAP financial measure, please see the table captioned “Reconciliation of Net Profit And Adjusted EBITDA (Unaudited)” set forth at the end of this release. BitFuFu encourages you to review its financial information in its entirety and not rely on a single financial measure.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of BitFuFu’s management and are not predictions of actual performance. These statements involve risks, uncertainties and other factors that may cause BitFuFu’s actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The announced results of the full year of 2024 are preliminary and subject to adjustments. All information provided in this press release is as of the date of this press release and the Company does not undertake any duty to update such information, except as required under applicable law.

For investor inquiries, please contact:

Charley Brady

Vice President, Investor Relations

charley.b@bitfufu.com

For general inquiries, please contact:

BitFuFu Investor Relations

ir@bitfufu.com

BitFuFu Media Relations

pr@bitfufu.com

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