Cryptocurrency mining company BitFuFu has acquired an Oklahoma data center for $20 million. The NASDAQ-listed company announced it had signed a definitive agreement, making it one of the key owners of an operating bitcoin mining facility, sources said.
According to the report, BitFuFu valued the deal at $400,000 per megawatt, which would put the total value of the 51 MW mining facility at $20.4 million. The company noted that the deal was financed using cash on its balance sheet and common stock. The Oklahoma mining data center has been operational since 2022, using air-cooled container infrastructure.
In its statement, BitFuFu also said the property has a functional operations center that could be used to repair equipment. The company first announced its intention to acquire the property in January, but did not disclose details about the location or the seller.
BitFuFu Acquires Oklahoma Data Center
According to the company, there is still space available on the data center site for future expansions. However, this will depend on the completion of an upgrade study conducted by the utility and Southwest Power Pool later this year. BitFuFu CEO and Chairman Leo Lu noted that the move is in line with the company’s 1 GW global expansion strategy.
“The acquired Oklahoma data center has created a highly efficient mining operation, and we are excited to welcome them to the BitFuFu family. This will allow us to scale up our standalone mining operations, improve hosting services, and strengthen our cloud mining platform,” he added.
According to its platform, BitFuFu claims to offer 556 megawatts of hosting power for bitcoin mining, with hubs located in various locations across the United States. The company also noted that it has one hub in Ethiopia and another in Paraguay. BitFuFu has attracted investment over the years, with cryptocurrency mining hardware maker Bitmain among its investors.
Trump factor comes into play amid global expansion plans
Founded in 2020, the company went public in 2024 after a SPAC merger with Arisz Acquisition Corp. BitFuFu noted that as part of its goal to reach 1 GW of capacity within the next two years, it plans to transition from an asset-light strategy to owning a diverse and robust portfolio of bitcoin mining infrastructure.
Last year, the company announced it had signed a 10-year exclusive lease for two of its bitcoin mining facilities in the U.S. The facilities have a combined capacity of 33 megawatts, and the lease also gives the company the option to acquire a significant stake in both locations. At the time of the deal, the company said its capacity increased to 110 megawatts between facilities it owned or operated, adding that the rest was hosted by third parties.
The acquisition comes at an opportune time, with US President Donald Trump looking to give the crypto industry a fair deal. While the previous administration was largely anti-crypto, this new administration has marked a new dawn for the sector in America. Most companies are considering relocating to the country as the industry continues to wait to see how Trump’s policies will impact the sector.
Moreover, Bitcoin has also been in the spotlight, with news of federal reserve developments. In addition to the federal Bitcoin reserve, states are pushing their crypto reserves, and Bitcoin is getting the spotlight. It remains to be seen what positive impact the Trump factor can have on the activities of companies like BitFuFu, which are right at the center of the Bitcoin action.
Source: cryptonews.net
