Bitfufu Inc. · NASDAQ:FUFU
Bitfufu — SPAC Merger (January 2022)
39 slides from Bitfufu's SPAC merger presentation, January 2022
Slide 1: BitFuFu Presentation: The Future Is Mine
BitFuFu Presentation The Future Is Mine January 2022
Slide 2: Disclaimer
Disclaimer This presentation (this “Presentation”) is provided solely for information purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity or debt. It has been prepared to assist interested parties in making their own e
Slide 3: Disclaimer (continued)
Disclaimer (continued) These statements are based on various assumptions, whether or not identified in this Presentation, and on the current expectations of Arisz’s and the Company’s management and are not predictions of actual performance. Forward-looking statements generally are accompanied by wor
Slide 4: Disclaimer (continued)
Disclaimer (continued) No Offer or Solicitation This Presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registrati
Slide 5: Transaction Summary
Transaction Summary • BitFuFu entered into a definitive merger agreement with Arisz Acquisition Corp. (“ARIZ”) on Jan. 21, 2022; Background • The combined company is expected to be renamed BitFuFu Inc. and trade under the ticker (“FUFU”) post-closing • Pro forma equity value of $1.66 billion; $1.51
Slide 6: Investment Highlights
Investment Highlights World Leading Cloud-Mining and Fast-Growing Digital Asset Service Provider The Only Cloud-Mining Strategic Partner of to date1 $70 million PIPE Investment Led by and Industry-Leading Technology Platform with State-of-the-Art Mining Machines Proven Track Record of Financial Perf
Slide 7: BitFuFu, A World-Leading Cloud-Mining, Fast-Growing Digital Asset Service Provider
BitFuFu, A World-Leading Cloud-Mining, Fast-Growing Digital Asset Service Provider 7
Slide 8: BitFuFu - Leader in the Global Cloud-Mining Industry
BitFuFu - Leader in the Global Cloud-Mining Industry 1 1 3 Eh/s 1 140MW 33,000 Hosting Capacity Peak Number of Miners Hashrate Under Under Management Management BitFuFu by Numbers ≈$100m ≈$330m 2 2021 Revenue 2022 Estimated 3 3 Revenue Growth Facilitate Industry Scale Mining Farm Upgrade Service Str
Slide 9: BitFuFu At A Glance
BitFuFu At A Glance Cloud Mining Provides miner (server) rental service in the form of cloud-mining at a lower cost Seamless transition between self-mining and cloud mining to mitigate market risks and optimize operational efficiency Self Mining Miner Hosting Users own mining machine property rights
Slide 10: Key Milestones
Key Milestones ≈ $100 Million 2021 Revenue1 December 2020 March 2021 December 2021 Hashrate sharing and July 2021 Antpool & BitFuFu BitFuFu became a fast-growing company in trading platform went live. Bitmain invested in BitFuFu. commenced cooperation. the digital asset mining industry globally. May
Slide 11: Strong Potential in a High-Growth Market
Strong Potential in a High-Growth Market 2 BTC Mining Revenue in 2021 Digital Asset Market Capitalization1 $15.3 Billion The Aggregate Market Capitalization of Major Public $1.97 Trillion 3 Digital Asset Mining Companies $790 Billion $10.9 Billion 4 Bitcoin Market Capitalization Growth Rate in 2021
Slide 12: Industry Leader at Scale – Cloud-Mining Industry in 2021
Industry Leader at Scale – Cloud-Mining Industry in 2021 3 Hosting Capacity (MW）3 Hashrate Under Management (EH/s） 3.2 350 3 3 2 2 1.605 1.25 140 1.1 109 106 105 50 50 45 Marathon BitFuFu 1 Riot Bitfarms Hut 8 Argo Hive TeraWulf Riot BitFuFu 2 Hut 8 Bitfarms Marathon 4 Hive TeraWulf Argo Notes: 1. B
Slide 13: The Only Cloud-Mining Strategic Partner of Bitmain to Date
The Only Cloud-Mining Strategic 1 Partner of Bitmain to Date Note: as of January, 2022 13
Slide 14: Strategic Investment
Strategic Investment • Bitmain is a world-leading cryptocurrency mining hardware manufacturer. • Bitmain invested in BitFuFu in July 2021 and further committed to leading the PIPE investment in connection with the merger. • $70 million total PIPE investment at $10.00 per share led by Bitmain and Ant
Slide 15: The Only Cloud-Mining Strategic Partner of Bitmain to Date
The Only Cloud-Mining Strategic Partner of to Date Bitmain supports BitFuFu with its top-tier mining resources Miner Supply Operations Mining Farms Marketing • Maintenance center to • S-level client of Bitmain 1 • 10-year 300MW miner accessing various VIP • Global marketing improve operational hosti
Slide 16: Profitable Business Model with Strong Operational Efficiencies
Profitable Business Model with Strong Operational Efficiencies 16
Slide 17: Business Highlights
Business Highlights One-stop mining solution for all Globally distributed mining facilities customers to ensure stable power supply - One click, real time - World-wide operations Industry leading technology Efficient business model to manage platform market volatility - Underpinned by the Aladdin sy
Slide 18: Business Model Overview
Business Model Overview + Retail Institutional Customers Hashrate Hashrate Buyers Buyers Revenue Streams Cloud Mining + Self Mining 1 + Miner Hosting + Miner Sales (Existing) (2022) (Existing) (Existing) Miner Mining Farms Operation 1 Self-owned Manage for third-party Contracted Self-operated Techni
Slide 19: One-Stop Mining Solution for All Customers
One-Stop Mining Solution for All Customers • Customers place orders. • BitFuFu manages all mining operations to allow customers to start mining with one click. 1 BitFuFu offers its users a one-stop 2 - BitFuFu manages all operations for 3 Customers can purchase and cloud-mining and miner hosting cus
Slide 20: Globally Distributed Mining Data Center Ensures Stable Power Supply
Globally Distributed Mining Data Center Ensures Stable Power Supply 10MW Planned Farms 1 20MW 2MW 50MW in USA (2022) 30MW 10MW10MW 8MW Notes: 140MW in use as of December 31, 2021 Managed hashrate Peak Number of Miners from third party Under Management 1. Maximum 300MW contracted. Delivery schedule f
Slide 21: The Aladdin System - Industry Leading Technology Platform
The Aladdin System - Industry Leading Technology Platform BitFuFu Mining Platform Standardization Transparency Flexibility Security BitFuFu Dispatcher Engine Mining Pools Power fluctuates within 1%. Antpool • Aladdin is the ultra-large scale hashrate management and dispatching system developed indep
Slide 22: Operational Flexibility to Manage Market Volatility
Operational Flexibility to Manage Market Volatility Adapt each business sector to maintain revenue growth and increase profit margin when navigating market volatility Diversified Revenue Streams to Manage Volatility from Bitcoin Price Fluctuations Miner Sales Cloud-Mining Self-Mining Miner-Hosting &
Slide 23: Growth Strategy
Growth Strategy Upgrade Service Capability Create an integrated, visualized and Scale Mining Farms intelligent mining service, supported Supply Chain by innovative technologies and with ESG Focus Consolidation and blockchain networks. Higher clean energy supply Vertical Integration planned in 2022 w
Slide 24: Proven Track Record of Financial Performance
Proven Track Record of Financial Performance 24
Slide 25: Scaling the Business While Delivering Results
Scaling the Business While Delivering Results Revenue Number of Hashrate (in Millions USD) Mining Machines （EH/s） Managed hashrate from third party 330 Manage for third-party Self-owned hashrate 3 4.5 45,000 55,000 5.5 （1） 100 33,000 3 2 2 1 2 2021 1 2022E 2021 1 2022E 2021 2022E Notes: 1. Unaudited
Slide 26: Financial Performance
Financial Performance 2021 & 2022E Financial Performance (in Millions USD) Revenue Adjusted EBITDA3 Adjusted 330 Net Profit4 230% 100 100 1,567% 900% 50 6 5 Revenue 1 2 EBITDA 1 2 Adjusted 1 Net Profit 2 2021 2022E 2021 2022E 2021 2022E Notes: 1. Unaudited results as of December 31,2021, based on th
Slide 27: Execution-Minded, Experienced Management Team
Execution-Minded, Experienced Management Team 27
Slide 28: Experienced Management Team
Experienced Management Team Leo Lu • Leader in the blockchain and finance industries. CEO, • Former Director of Bitmain, responsible for cryptocurrency related products. Director • Former manager of financial market IT department at a multinational commercial bank. • Years of experience in frontier
Slide 29: Transaction Overview
BitFuFu The Future Is Mine ~ = _fi Transaction Overview 29
Slide 30: Illustrative Transaction Summary
Illustrative Transaction Summary Sources &Uses Pro Forma Valuation Sources Amount ($m) Particulars Amount ($m) Cash Held in SPAC Trust1 $69.0 Share Price $10.0 Pro Forma Shares Outstanding 2 166.3 BitFuFu Shareholder Equity Rollover $1,500.0 Pro Forma Equity Value $1,663.1 Equity Issued for SPAC Spo
Slide 31: Peer Valuations – Significant Discount to Comparables
Peer Valuations – Significant Discount to Comparables EV / December 2022E Annualized Adjusted Revenue1 EV / 2022E Hash Rate ($/TH/s) Comps Average: 4.1x Comps. Average: 6.0x $219.3 $299.0 5.0x 4.5x 4.4x $241.2 $235.2 4.1x $249.0 $217.8 4.0x 3.2x $199.0 3.4x $183.0 $151.0 3.0x $149.0 2.0x $99.0 1.0x
Slide 32: Risk Factors (1/8)
Risk Factors (1/8) This presentation (this “Presentation”) is provided solely for information purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity or debt. It has been prepared to assist interested parties in making the
Slide 33: Risk Factors (2/8)
Risk Factors (2/8) 8. BitFuFu may be vulnerable to security breaches, or be exposed to cybersecurity threats, which could disrupt its operations, subject it to customers’ claims, and materially and adversely affect its business, financial condition and results of operations. 9. A slowdown in the dem
Slide 34: Risk Factors (3/8)
Risk Factors (3/8) 22. Any failure in the critical systems of BitFuFu’s facilities or its cloud-mining service platform could disrupt BitFuFu’s business and cause damages to its customers, which may subject it to legal liabilities and harm its reputation, all of which could have a material adverse e
Slide 35: Risk Factors (4/8)
Risk Factors (4/8) 37. BitFuFu has not determined whether its existing internal controls over financial reporting systems are compliant with Section 404 of the Sarbanes-Oxley Act, and it cannot provide any assurance that there are no material weaknesses or significant deficiencies in its existing in
Slide 36: Risk Factors (5/8)
Risk Factors (5/8) 50. A particular digital asset’s status as a “security” in any relevant jurisdiction is subject to a high degree of uncertainty, and BitFuFu may be subject to regulatory scrutiny, investigations, fines, and other penalties if it is deemed to be dealing with “ security,” which may
Slide 37: Risk Factors (6/8)
Risk Factors (6/8) Risk Factors Relating to Arisz and the Proposed Business Combination Other risks and uncertainties include: changes in domestic and foreign business, market, financial, political and legal conditions; the impact of the Covid-19 pandemic; the inability of the parties to succe
Slide 38: Risk Factors (7/8)
Risk Factors (7/8) Risks Relating to PubCo 1. Currently, there is no public market for the ordinary shares of PubCo. There is no assurance that an active trading market will develop for or of the market price of the ordinary shares of PubCo they will receive or that PubCo will successfully obtain au
Slide 39: Risk Factors (8/8)
Risk Factors (8/8) 17. PubCo may adopt a dual-class share structure with different voting rights, which may adversely affect the value and liquidity of the ordinary shares. 18. If PubCo adopts a dual-class share structure with different voting rights, this will limit your ability to influence corpor