BitFuFu’s VP on Mining Leadership, Corporate Crypto Treasuries, the Stablecoin Act, and More

In a wide-ranging interview conducted on July 30 with Bitpush, Charley Brady, Vice President of Investor Relations at BitFuFu (NASDAQ: FUFU), discusses the company’s position in the global mining landscape, the rise of corporate crypto treasuries, the impact of the Stablecoin Act, and why vertical integration is central to BitFuFu’s strategy.

Mining Milestone and Vertical Integration

Launched just eight months ago, BitFuFuPool is now among the world’s leading Bitcoin mining pools and one of only two self-operated pools run by a U.S.-listed miner. It operates on a Full Pay-Per-Share (FPPS) model with a 0% starting commission, supported by BitFuFuOS and Aladdin for efficiency and uptime.

Interview

Bitpush: BitFuFu’s mining pool has grown quickly alongside a total company hashrate of 36.2 EH/s (as of June 30, 2025). How did you achieve this, and how does your cloud mining and hosting ecosystem strengthen the business?

Charley Brady: Our growth comes from having the right infrastructure and proprietary systems capable of managing millions of machines in real time. A major driver is our cloud mining business. Customers mining through our service can choose the BitFuFu Pool, which benefits from both their participation and our own mining capacity.

Originally, BitFuFu followed an asset-light model, leasing all capacity. Last October, we began transitioning to site ownership. Since then, we’ve acquired an 80 MW joint venture site in Ethiopia, two long-term leases totaling 33 MW in the U.S. with an option to purchase, and a 51 MW joint venture site in Oklahoma.

Owning sites strengthens both our self-mining and cloud mining operations. Alongside this, we sell and lease miners, run the BitFuFu Pool, and offer our proprietary BitFuFu OS to help customers optimize their rigs. It’s a comprehensive, one-stop solution for anyone in Bitcoin mining.

Bitpush: The U.S. Bitcoin mining market is crowded. How does BitFuFu stand out?

Brady: With 36.2 EH/s and 728 MW (as of June 30, 2025), we’re among the industry’s larger players. Our biggest differentiator is the flexibility of our cloud mining business. We can dynamically shift hashrate between self-mining and cloud mining based on market conditions, Bitcoin’s price, network difficulty, and customer demand.

This model smooths revenue volatility. Over half of our revenue — and at times over 60% — comes from cloud mining. Customers pay for contracts upfront, locking in revenue regardless of Bitcoin price swings. That stability gives us a significant advantage over pure self-mining companies. We’re also the world’s largest cloud mining provider, with more than 623,000 registered users as of June.

Bitpush: Public companies are increasingly adding digital assets to their treasuries — not just Bitcoin, but also other cryptocurrencies. How do you view this trend?

Brady: It’s a very positive development. We’re bullish on Bitcoin and follow a “hodl” policy, selling only to cover operating costs. Miners have essentially been Bitcoin’s first treasury managers, acquiring coins at far below market rates.

Now we’re seeing companies outside of mining adopt similar strategies. Some are buying Bitcoin directly; others are turning to cloud mining to build reserves. Cloud mining offers flexibility in contract length and often produces more Bitcoin over time than buying outright. As more companies recognize this, it will be a strong tailwind for our business.

Bitpush: We’re also seeing companies hold Ethereum, Solana, and other assets. Do you think this is a lasting trend?

Brady: Yes, I do. Some miners have pivoted entirely to Ethereum and found success. For us, when competitors exit Bitcoin mining, it eases competition and can slow difficulty growth, especially post-halving.

Overall, greater acceptance of digital assets — Bitcoin, altcoins, stablecoins — benefits the entire ecosystem. The U.S. regulatory climate is now more crypto-friendly than ever, and that momentum is likely to continue as adoption grows.

Bitpush: The GENIUS Act has brought stablecoin regulation to the U.S. How might that affect your business?

Brady: It may not directly impact Bitcoin mining, but it provides institutions with clear rules for using stablecoins in large, low-cost, cross-border transactions. Regulatory uncertainty has kept many institutions out; clarity will encourage their participation. That benefits the broader digital asset market, and Bitcoin will gain as part of that ecosystem.

Bitpush: AI and HPC integration is becoming a trend in mining. Is BitFuFu exploring this?

Brady: We’re not in HPC AI today. It requires owning data centers, and our original asset-light model doesn’t support that. We’re now acquiring more sites, with 700–800 MW of projects under review for the next 12–24 months. Once we reach critical mass, we’ll evaluate HPC AI more seriously.

It’s capital-intensive — 8–10 times more expensive than Bitcoin mining — so it only works with the right infrastructure, long-term contracts, and partners. If we enter that space, we’ll likely do so with an experienced partner to avoid costly missteps.

Bitpush: You’ve set a goal of 1 GW capacity by 2026. How will you get there while staying profitable?

Brady: We’re confident we’ll hit that goal. We’ve already exceeded our 2025 targets ahead of schedule. We’ve been profitable every year since our founding 4.5 years ago, through all phases of the Bitcoin cycle. The cloud mining model allows us to manage costs and mitigate volatility, so we’re confident we can keep growing while maintaining profitability.

Bitpush: BitFuFu’s stock is down year-to-date. How do you address investor concerns?

Brady: I think our stock is clearly undervalued. If you compare us to our peer group on any metric—whether it's sales to revenue, megawatts, or anything else—we're significantly undervalued. I think part of that is because we've only been public since March 2024, so we've been under the radar. 

As we get out there and tell our story, it tends to resonate with investors, particularly because of our unique cloud mining business. As long as we continue to deliver on our results and grow the business, we're confident the valuation will eventually be reflected in the marketplace. We're just going to keep our heads down and drive forward on growth.

Note: BitFuFu (NASDAQ: FUFU) is expected to announce its Q2 2025 earnings results before the market opens on Friday, August 15th.
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