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Cloud mining bitcoin platform, BitFuFu has entered into a two-year agreement with Bitmain, to acquire up to 80,000 S-series mining rigs. The deal includes Bitmain’s latest S21 XP and S21 Pro models, which marks a major expansion for BitFuFu’s operations. According to the original press release , the agreement allows BitFuFu to purchase miners in stages, offering flexibility to adjust to market conditions and operational needs. The newly acquired hardware will support the Nasdaq-listed company’s self-mining efforts and expand its service portfolio, which includes miner resale, cloud mining, and hosting services. In terms of the deal’s financial structure. BitFuFu can pay part of the purchase price in its own shares and defer a portion of cash payments interest-free until after the equipment is delivered. This arrangement is designed to maintain liquidity while advancing the company’s growth objectives. Commenting on the development, Leo Lu, Chairman and CEO of BitFuFu, said that this strategic partnership with Bitmain will ensure a consistent supply of the latest miners to help the company grow its global mining operations and aim for an additional 1 GW of capacity by the close of 2026. The exec added, “The new miners will be utilized to bolster both our self-mining operations and cloud-mining services, delivering highly cost-effective and energy-efficient solutions. With the flexibility to procure equipment in batches over the next two years based on operational demands, this agreement further reinforces our position as a leader in the industry.” Shortly after the announcement, its stock saw a double-digit gain to $5.60 on January 2nd before undergoing a minor correction to $5.42. The latest development comes months after BitFuFu acquired a rival 80-megawatt (MW) Bitcoin mining facility in Ethiopia. The post Nasdaq-Listed BitFuFu Secures 2-Year Deal with Bitmain for 80,000 Bitcoin Mining Rigs appeared first on CryptoPotato .
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FTX EU Sold to Backpack Exchange, Plans Regulated Crypto Derivatives Push Across Europe
FTX EU, the European arm of Sam Bankman Fried’s now-bankrupt cryptocurrency trading empire, has been sold to Backpack Exchange , a crypto trading company founded by former Alameda Research and FTX employees. FTX EU, which held a MiFID II-license under the Cyprus Securities and Exchange Commission (CySEC), cost Backpack $32.7 million, the exchange said. Backpack’s new European arm will offer a full suite of crypto derivatives throughout the EU, starting out by capitalizing on its position as the only regulated perpetual futures provider across Europe, according to Armani Ferrante, CEO of Backpack Exchange. A number of crypto trading firms have applied for a MiFID license, which allows firms to also offer crypto-asset services under Europe’s new Markets in Crypto Assets (MiCA) regime, once a notification has been provided to the relevant competent national authority. Currently, Bitstamp and Coinbase have received their MiFID II licenses, while D2X , based in the Netherlands, has also received a license and plans to deliver USD-denominated futures and options early this year. Other new entrants also aim to shift the crypto derivatives market dominance away from the likes of Panama-based centralized exchange Deribit. Backpack’s Ferrante said the firm’s MiCA notification has been submitted and he expects to go live in the first quarter of 2025. “Even though a few firms have been able to acquire approval for a limited form of a derivatives license, we’re not aware of any players that currently offer perpetuals and are live in the EU, including Coinbase and Bitstamp,” Ferrante said via email. “Once we return FTX EU customers` funds, we’re excited to begin serving a regulated perpetual futures product as a priority.” A full suite of products is being worked on, Ferrante added, although some of these may not roll out in Q1. Backpack, whose founders have contributed to the Solana ecosystem and established a successful wallet and NFT business, raised $17 million in funding last year. Crypto Potato
$2 Billion in Bitcoin (BTC) In 24 Hours: Open Interest Skyrockets
Bitcoin`s key metric surges massively, suggesting potential recovery of market`s depth Crypto Potato
