Update shared on 15 Dec 2025
Fair value Decreased 8.33%Analysts have trimmed their price target on BitFuFu from approximately $6.00 to $5.50, citing expectations for slower revenue growth, thinner profit margins, and a higher future valuation multiple. Together, these factors warrant a slightly more conservative fair value estimate.
What's in the News
- Reported unaudited November 2025 production of 231 BTC, including 190 BTC from cloud mining and 41 BTC from self-mining (Key Developments).
- Disclosed October 2025 update with Bitcoin held of 1,953 BTC, down 6 BTC month over month, and production of 253 BTC, including 223 BTC from cloud mining and 30 BTC from self-mining, reflecting higher network difficulty, power curtailment, and expiring contracted hashrate (Key Developments).
- Launched sales and hosting of ANTMINER S21+ Hyd. miners at $15.3 per TH/s and hosting fees as low as $0.078/kWh, expanding its hosted mining service first introduced in July 2025 (Key Developments).
- Highlighted its integrated mining platform, now combining cloud mining, miner sales, firmware, mining pool services, and operational tools, supporting 36.0 EH/s of hashrate, 624 MW power capacity, more than 641,000 users, and 1,959 BTC held as of September 30, 2025 (Key Developments).
- September 2025 operational update showed 1,959 BTC held, up 60 BTC from August, with production of 329 BTC, including 296 BTC from cloud mining and 33 BTC from self-mining, pressured by rising network difficulty and power curtailment (Key Developments).
Valuation Changes
- The fair value estimate has been reduced slightly from $6.00 to $5.50 per share, reflecting a more conservative outlook.
- The discount rate has risen marginally from 8.57 percent to 8.81 percent, implying a modestly higher required return for equity investors.
- Revenue growth expectations have fallen significantly from approximately 31.70 percent to 19.42 percent, indicating a slower projected expansion of top line performance.
- Net profit margin assumptions have been lowered from about 8.81 percent to 5.59 percent, pointing to a more conservative view on profitability.
- The future P/E multiple has increased meaningfully from about 16.3x to 26.4x, indicating that more of the valuation now relies on a higher earnings multiple rather than stronger fundamentals.
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