Arisz Acquisition to merge with crypto mining servicer BitFuFu in $1.5B deal

SPAC Arisz Acquisition (NASDAQ:ARIZ) (NASDAQ:ARIZU) and BitFuFu, a crypto mining service and cloud-mining service provider, agree to merge in a $1.5B transaction. BitFuFu manages mining machines and mines on behalf of its users, and had a hosting capacity of 140 MW at the end of last year across its global mining facilitis network and partnership with Bitmain. The deal will enable BitFuFu to become a publicly listed company on the Nasdaq index under the ticker symbol "FUFU," the company says. The transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $1.5B, representing 4.6x 2022 projected revenue of ~$330M, and 3.3x projected Dec. 2022 annualized recurring revenue of ~$465M. BitFuFu is expected to receive more than $129M in net cash proceeds at the closing of the transaction. The proceeds are expected to fund mining equipment purchases and infrastructure build-out as the company expands its